Wells Fargo & Company Cuts Blueprint Medicines (NASDAQ:BPMC) Price Target to $151.00

Blueprint Medicines (NASDAQ:BPMC) had its price target reduced by Wells Fargo & Company from $153.00 to $151.00 in a report issued on Thursday morning, Benzinga reports. Wells Fargo & Company currently has an overweight rating on the biotechnology company’s stock.

Several other analysts also recently issued reports on the stock. Needham & Company LLC reaffirmed a “buy” rating and issued a $133.00 price target on shares of Blueprint Medicines in a report on Wednesday. Baird R W upgraded Blueprint Medicines to a “strong-buy” rating in a report on Friday, August 2nd. Robert W. Baird raised their price target on Blueprint Medicines from $112.00 to $127.00 and gave the stock an “outperform” rating in a research report on Friday, August 2nd. Barclays upped their price objective on Blueprint Medicines from $75.00 to $105.00 and gave the company an “equal weight” rating in a research report on Monday, July 29th. Finally, HC Wainwright reiterated a “buy” rating and set a $135.00 price objective on shares of Blueprint Medicines in a research report on Thursday. Two research analysts have rated the stock with a sell rating, six have assigned a hold rating, eleven have assigned a buy rating and two have given a strong buy rating to the stock. According to MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $120.39.

Blueprint Medicines Stock Performance

NASDAQ BPMC opened at $90.70 on Thursday. The business has a 50 day moving average price of $88.79 and a 200 day moving average price of $98.39. The company has a market capitalization of $5.75 billion, a P/E ratio of -42.99 and a beta of 0.58. Blueprint Medicines has a 1-year low of $56.74 and a 1-year high of $121.90. The company has a debt-to-equity ratio of 1.06, a current ratio of 3.71 and a quick ratio of 3.65.

Blueprint Medicines (NASDAQ:BPMC) last announced its quarterly earnings results on Wednesday, October 30th. The biotechnology company reported ($0.89) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.97) by $0.08. Blueprint Medicines had a negative return on equity of 118.86% and a negative net margin of 29.48%. The business had revenue of $128.20 million during the quarter, compared to analysts’ expectations of $127.56 million. During the same quarter last year, the business posted ($2.20) earnings per share. The business’s revenue for the quarter was up 126.5% on a year-over-year basis. Sell-side analysts expect that Blueprint Medicines will post -3.82 EPS for the current fiscal year.

Insider Activity

In related news, insider Fouad Namouni sold 3,633 shares of the stock in a transaction on Thursday, October 3rd. The stock was sold at an average price of $89.32, for a total value of $324,499.56. Following the transaction, the insider now directly owns 69,070 shares of the company’s stock, valued at approximately $6,169,332.40. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. In other news, insider Philina Lee sold 41,913 shares of the business’s stock in a transaction dated Monday, August 5th. The stock was sold at an average price of $93.19, for a total transaction of $3,905,872.47. Following the completion of the sale, the insider now owns 34,729 shares in the company, valued at approximately $3,236,395.51. The trade was a 0.00 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, insider Fouad Namouni sold 3,633 shares of the stock in a transaction that occurred on Thursday, October 3rd. The stock was sold at an average price of $89.32, for a total transaction of $324,499.56. Following the sale, the insider now directly owns 69,070 shares of the company’s stock, valued at approximately $6,169,332.40. This trade represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Corporate insiders own 4.21% of the company’s stock.

Institutional Investors Weigh In On Blueprint Medicines

Institutional investors have recently bought and sold shares of the business. Triad Wealth Partners LLC purchased a new position in shares of Blueprint Medicines in the 2nd quarter valued at $27,000. Covestor Ltd raised its position in Blueprint Medicines by 9,700.0% in the first quarter. Covestor Ltd now owns 294 shares of the biotechnology company’s stock valued at $28,000 after purchasing an additional 291 shares during the period. Headlands Technologies LLC lifted its stake in shares of Blueprint Medicines by 105.2% during the first quarter. Headlands Technologies LLC now owns 667 shares of the biotechnology company’s stock worth $63,000 after purchasing an additional 342 shares in the last quarter. Natixis purchased a new stake in shares of Blueprint Medicines in the first quarter worth about $73,000. Finally, CWM LLC grew its stake in shares of Blueprint Medicines by 114.6% in the second quarter. CWM LLC now owns 1,105 shares of the biotechnology company’s stock valued at $119,000 after buying an additional 590 shares in the last quarter.

About Blueprint Medicines

Blueprint Medicines Corporation, a precision therapy company, develops medicines for genomically defined cancers and blood disorders in the United States and internationally. The company is developing AYVAKIT for the treatment of systemic mastocytosis (SM) and gastrointestinal stromal tumors; BLU-263, an orally available, potent, and KIT inhibitor for the treatment of indolent SM, and other mast cell disorders.