Blueprint Medicines (NASDAQ:BPMC) Given New $104.00 Price Target at Piper Sandler

Blueprint Medicines (NASDAQ:BPMC) had its target price increased by Piper Sandler from $78.00 to $104.00 in a research report released on Friday morning, Benzinga reports. The brokerage currently has a neutral rating on the biotechnology company’s stock.

BPMC has been the subject of several other reports. Stifel Nicolaus increased their price objective on Blueprint Medicines from $120.00 to $130.00 and gave the stock a buy rating in a report on Friday, April 26th. HC Wainwright reaffirmed a buy rating and issued a $125.00 price target on shares of Blueprint Medicines in a research report on Friday, April 26th. Needham & Company LLC reiterated a buy rating and issued a $97.00 price objective on shares of Blueprint Medicines in a research report on Thursday. Wedbush reaffirmed an outperform rating and issued a $110.00 price target on shares of Blueprint Medicines in a research note on Friday, April 26th. Finally, JMP Securities reissued a market outperform rating and set a $114.00 price target on shares of Blueprint Medicines in a report on Wednesday, April 10th. Three investment analysts have rated the stock with a sell rating, four have given a hold rating, eight have assigned a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat, Blueprint Medicines presently has an average rating of Hold and a consensus price target of $94.87.

Blueprint Medicines Stock Performance

NASDAQ:BPMC traded up $0.19 on Friday, hitting $107.19. 1,004,153 shares of the company’s stock traded hands, compared to its average volume of 698,730. The firm has a 50-day moving average price of $91.77 and a 200-day moving average price of $80.52. The company has a current ratio of 3.76, a quick ratio of 3.66 and a debt-to-equity ratio of 1.60. Blueprint Medicines has a 1 year low of $43.89 and a 1 year high of $110.93.

Blueprint Medicines (NASDAQ:BPMC) last announced its quarterly earnings data on Thursday, February 15th. The biotechnology company reported ($1.82) EPS for the quarter, beating analysts’ consensus estimates of ($2.04) by $0.22. Blueprint Medicines had a negative net margin of 102.15% and a negative return on equity of 215.07%. The firm had revenue of $71.96 million for the quarter, compared to the consensus estimate of $67.34 million. During the same period in the previous year, the firm posted ($2.65) earnings per share. The firm’s revenue was up 85.5% on a year-over-year basis. Sell-side analysts expect that Blueprint Medicines will post -5.41 EPS for the current fiscal year.

Insider Activity

In related news, CFO Michael Landsittel sold 5,000 shares of Blueprint Medicines stock in a transaction that occurred on Thursday, March 28th. The shares were sold at an average price of $95.00, for a total transaction of $475,000.00. Following the transaction, the chief financial officer now owns 47,286 shares of the company’s stock, valued at approximately $4,492,170. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. In other Blueprint Medicines news, CFO Michael Landsittel sold 5,000 shares of the firm’s stock in a transaction that occurred on Thursday, March 28th. The stock was sold at an average price of $95.00, for a total value of $475,000.00. Following the completion of the transaction, the chief financial officer now directly owns 47,286 shares in the company, valued at $4,492,170. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, Director Jeffrey W. Albers sold 25,073 shares of the company’s stock in a transaction that occurred on Wednesday, March 20th. The stock was sold at an average price of $87.28, for a total value of $2,188,371.44. Following the sale, the director now owns 176,050 shares in the company, valued at approximately $15,365,644. The disclosure for this sale can be found here. Insiders have sold a total of 92,289 shares of company stock valued at $8,314,163 in the last 90 days. 3.88% of the stock is owned by company insiders.

Institutional Inflows and Outflows

Institutional investors have recently bought and sold shares of the business. Norges Bank acquired a new position in Blueprint Medicines in the 4th quarter valued at approximately $55,893,000. Polar Capital Holdings Plc increased its position in Blueprint Medicines by 108.0% during the 3rd quarter. Polar Capital Holdings Plc now owns 1,040,000 shares of the biotechnology company’s stock valued at $52,229,000 after purchasing an additional 540,000 shares during the period. Rock Springs Capital Management LP raised its holdings in Blueprint Medicines by 22.8% during the 3rd quarter. Rock Springs Capital Management LP now owns 2,685,294 shares of the biotechnology company’s stock worth $134,855,000 after purchasing an additional 498,622 shares during the last quarter. Avidity Partners Management LP lifted its position in shares of Blueprint Medicines by 81.1% in the 3rd quarter. Avidity Partners Management LP now owns 751,600 shares of the biotechnology company’s stock worth $37,745,000 after purchasing an additional 336,600 shares during the period. Finally, Assenagon Asset Management S.A. boosted its stake in shares of Blueprint Medicines by 2,788.1% in the 4th quarter. Assenagon Asset Management S.A. now owns 269,658 shares of the biotechnology company’s stock valued at $24,873,000 after purchasing an additional 260,321 shares during the last quarter.

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.