Blueprint Medicines (NASDAQ:BPMC) Cut to “Sell” at Citigroup

Blueprint Medicines (NASDAQ:BPMCGet Rating) was downgraded by investment analysts at Citigroup from a “neutral” rating to a “sell” rating in a report issued on Thursday, The Fly reports.

A number of other research analysts have also weighed in on BPMC. Wedbush reaffirmed an “outperform” rating and issued a $126.00 price target on shares of Blueprint Medicines in a research note on Monday, February 28th. Jefferies Financial Group raised shares of Blueprint Medicines from a “hold” rating to a “buy” rating and decreased their price target for the company from $88.00 to $78.00 in a research note on Wednesday, June 1st. Zacks Investment Research raised shares of Blueprint Medicines from a “sell” rating to a “hold” rating and set a $68.00 price target on the stock in a research note on Monday, March 28th. Piper Sandler decreased their target price on shares of Blueprint Medicines from $84.00 to $65.00 and set a “neutral” rating on the stock in a research note on Wednesday, May 18th. Finally, JMP Securities reissued a “buy” rating and issued a $152.00 target price on shares of Blueprint Medicines in a research note on Thursday. One investment analyst has rated the stock with a sell rating, five have given a hold rating, six have issued a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat.com, the company has a consensus rating of “Buy” and an average target price of $99.00.

Shares of NASDAQ:BPMC traded down $5.73 during trading on Thursday, reaching $58.77. 1,885,463 shares of the company’s stock traded hands, compared to its average volume of 675,979. The firm has a market cap of $3.50 billion, a PE ratio of -5.32 and a beta of 0.97. Blueprint Medicines has a fifty-two week low of $50.96 and a fifty-two week high of $117.86. The company has a 50-day simple moving average of $60.90 and a 200-day simple moving average of $74.46.

Blueprint Medicines (NASDAQ:BPMCGet Rating) last issued its quarterly earnings results on Tuesday, May 3rd. The biotechnology company reported ($1.79) earnings per share for the quarter, beating analysts’ consensus estimates of ($1.80) by $0.01. The firm had revenue of $62.70 million for the quarter, compared to analyst estimates of $39.98 million. Blueprint Medicines had a negative net margin of 293.97% and a negative return on equity of 35.24%. Blueprint Medicines’s quarterly revenue was up 190.3% compared to the same quarter last year. During the same period last year, the company posted ($1.72) EPS. As a group, research analysts predict that Blueprint Medicines will post -8.21 earnings per share for the current fiscal year.

In related news, insider Percy H. Carter sold 1,908 shares of Blueprint Medicines stock in a transaction that occurred on Monday, June 6th. The shares were sold at an average price of $59.76, for a total value of $114,022.08. Following the completion of the sale, the insider now owns 28,685 shares in the company, valued at approximately $1,714,215.60. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO Jeffrey W. Albers sold 5,000 shares of Blueprint Medicines stock in a transaction that occurred on Wednesday, April 6th. The shares were sold at an average price of $70.11, for a total transaction of $350,550.00. Following the completion of the sale, the chief executive officer now owns 183,243 shares of the company’s stock, valued at approximately $12,847,166.73. The disclosure for this sale can be found here. Insiders have sold a total of 9,127 shares of company stock valued at $597,712 in the last 90 days. Insiders own 3.34% of the company’s stock.

A number of institutional investors have recently bought and sold shares of the stock. Bank of America Corp DE grew its stake in shares of Blueprint Medicines by 28.5% in the first quarter. Bank of America Corp DE now owns 367,091 shares of the biotechnology company’s stock worth $23,450,000 after acquiring an additional 81,501 shares in the last quarter. The Manufacturers Life Insurance Company grew its stake in shares of Blueprint Medicines by 114.7% in the first quarter. The Manufacturers Life Insurance Company now owns 63,312 shares of the biotechnology company’s stock worth $4,091,000 after acquiring an additional 33,822 shares in the last quarter. Golden State Equity Partners acquired a new position in shares of Blueprint Medicines in the first quarter worth $201,000. Point72 Hong Kong Ltd acquired a new position in shares of Blueprint Medicines in the first quarter worth $212,000. Finally, Quantbot Technologies LP acquired a new position in shares of Blueprint Medicines in the first quarter worth $95,000. Hedge funds and other institutional investors own 99.69% of the company’s stock.

Blueprint Medicines Company Profile (Get Rating)

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 non-advanced SM and other mast cell disorders; and Fisogatinib, an orally available and potent inhibitor for the treatment of hepatocellular carcinoma.

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