Blueprint Medicines (NASDAQ:BPMC) Coverage Initiated by Analysts at Morgan Stanley

Stock analysts at Morgan Stanley began coverage on shares of Blueprint Medicines (NASDAQ:BPMC) in a note issued to investors on Thursday. The firm set an “equal weight” rating and a $100.00 price target on the biotechnology company’s stock. Morgan Stanley’s target price suggests a potential upside of 10.05% from the company’s previous close.

Several other brokerages have also recently commented on BPMC. StockNews.com cut shares of Blueprint Medicines from a “hold” rating to a “sell” rating in a research note on Monday, March 3rd. Stephens reaffirmed an “overweight” rating and issued a $140.00 price objective on shares of Blueprint Medicines in a research note on Thursday, January 2nd. Guggenheim reissued a “buy” rating on shares of Blueprint Medicines in a report on Wednesday, December 11th. Scotiabank began coverage on shares of Blueprint Medicines in a research report on Friday, March 7th. They issued a “sector outperform” rating and a $150.00 price objective on the stock. Finally, Jefferies Financial Group initiated coverage on shares of Blueprint Medicines in a research report on Monday. They set a “buy” rating and a $135.00 target price for the company. Two research analysts have rated the stock with a sell rating, six have given a hold rating, fifteen have assigned a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus price target of $124.95.

Blueprint Medicines Stock Performance

Shares of BPMC stock traded up $0.39 during mid-day trading on Thursday, hitting $90.87. The stock had a trading volume of 48,144 shares, compared to its average volume of 1,001,765. The firm has a market cap of $5.81 billion, a PE ratio of -83.95 and a beta of 0.58. Blueprint Medicines has a fifty-two week low of $80.68 and a fifty-two week high of $121.90. The company’s 50-day simple moving average is $99.49 and its 200-day simple moving average is $93.96. The company has a debt-to-equity ratio of 1.15, a current ratio of 2.85 and a quick ratio of 2.80.

Blueprint Medicines (NASDAQ:BPMC) last posted its quarterly earnings results on Thursday, February 20th. The biotechnology company reported ($0.79) EPS for the quarter, missing the consensus estimate of ($0.68) by ($0.11). Blueprint Medicines had a negative net margin of 13.19% and a negative return on equity of 77.49%. Sell-side analysts anticipate that Blueprint Medicines will post -1.28 earnings per share for the current year.

Insider Buying and Selling at Blueprint Medicines

In related news, insider Ariel Hurley sold 2,250 shares of Blueprint Medicines stock in a transaction on Monday, January 13th. The stock was sold at an average price of $100.00, for a total value of $225,000.00. Following the transaction, the insider now owns 14,967 shares in the company, valued at approximately $1,496,700. This trade represents a 13.07 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Jeffrey W. Albers sold 15,161 shares of the company’s stock in a transaction dated Tuesday, January 21st. The stock was sold at an average price of $109.53, for a total value of $1,660,584.33. Following the sale, the director now owns 152,396 shares of the company’s stock, valued at $16,691,933.88. This represents a 9.05 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 29,334 shares of company stock worth $3,103,512 in the last quarter. 4.21% of the stock is owned by insiders.

Hedge Funds Weigh In On Blueprint Medicines

A number of hedge funds have recently made changes to their positions in the business. Avoro Capital Advisors LLC acquired a new stake in Blueprint Medicines in the 4th quarter valued at $103,356,000. Wellington Management Group LLP lifted its position in Blueprint Medicines by 22.5% during the 3rd quarter. Wellington Management Group LLP now owns 3,964,610 shares of the biotechnology company’s stock worth $366,726,000 after acquiring an additional 729,055 shares in the last quarter. Norges Bank acquired a new position in shares of Blueprint Medicines during the fourth quarter worth $62,028,000. State Street Corp boosted its stake in shares of Blueprint Medicines by 16.2% in the third quarter. State Street Corp now owns 2,765,702 shares of the biotechnology company’s stock valued at $255,827,000 after purchasing an additional 385,818 shares during the period. Finally, Jennison Associates LLC acquired a new stake in Blueprint Medicines during the 4th quarter valued at $31,417,000.

Blueprint Medicines Company Profile

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.