Needham & Company LLC Downgrades Blueprint Medicines (NASDAQ:BPMC) to Hold

Blueprint Medicines (NASDAQ:BPMC) was downgraded by research analysts at Needham & Company LLC from a “moderate buy” rating to a “hold” rating in a research report issued on Monday, MarketBeat Ratings reports. They currently have a $130.00 price target on the biotechnology company’s stock. Needham & Company LLC’s target price suggests a potential upside of 1.73% from the company’s current price.

Other equities research analysts have also recently issued research reports about the company. Wall Street Zen raised Blueprint Medicines from a “sell” rating to a “hold” rating in a research report on Friday, May 2nd. Jefferies Financial Group assumed coverage on Blueprint Medicines in a research report on Monday, March 17th. They set a “buy” rating and a $135.00 target price for the company. Morgan Stanley assumed coverage on Blueprint Medicines in a research report on Thursday, March 20th. They issued an “equal weight” rating and a $100.00 price objective for the company. Scotiabank assumed coverage on Blueprint Medicines in a research report on Friday, March 7th. They issued a “sector outperform” rating and a $150.00 price objective for the company. Finally, JPMorgan Chase & Co. increased their price objective on Blueprint Medicines from $126.00 to $129.00 and gave the company an “overweight” rating in a research report on Tuesday, February 4th. Eleven equities research analysts have rated the stock with a hold rating, seven have given a buy rating and one has given a strong buy rating to the company. According to MarketBeat, the stock presently has an average rating of “Hold” and a consensus target price of $125.38.

Blueprint Medicines Stock Up 26.1%

Shares of Blueprint Medicines stock opened at $127.79 on Monday. The stock has a market capitalization of $8.25 billion, a P/E ratio of -118.32 and a beta of 0.83. The company has a quick ratio of 2.80, a current ratio of 2.85 and a debt-to-equity ratio of 1.15. The stock has a 50 day moving average price of $92.42 and a two-hundred day moving average price of $94.93. Blueprint Medicines has a 12-month low of $73.04 and a 12-month high of $128.21.

Blueprint Medicines (NASDAQ:BPMC) last announced its earnings results on Thursday, May 1st. The biotechnology company reported ($0.74) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.42) by ($0.32). The company had revenue of $149.41 million for the quarter, compared to the consensus estimate of $158.31 million. Blueprint Medicines had a negative return on equity of 77.49% and a negative net margin of 13.19%. The firm’s revenue for the quarter was up 55.5% compared to the same quarter last year. During the same period in the previous year, the company earned $1.40 EPS. Equities analysts expect that Blueprint Medicines will post -1.28 earnings per share for the current year.

Insider Activity at Blueprint Medicines

In related news, COO Christina Rossi sold 2,274 shares of the company’s stock in a transaction on Monday, March 24th. The stock was sold at an average price of $95.02, for a total value of $216,075.48. Following the completion of the transaction, the chief operating officer now directly owns 69,266 shares in the company, valued at approximately $6,581,655.32. This represents a 3.18% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, Director Jeffrey W. Albers sold 5,000 shares of the company’s stock in a transaction on Tuesday, May 27th. The shares were sold at an average price of $101.14, for a total value of $505,700.00. Following the completion of the transaction, the director now owns 146,630 shares of the company’s stock, valued at $14,830,158.20. The trade was a 3.30% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 14,574 shares of company stock worth $1,465,528. 4.21% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

Several hedge funds have recently bought and sold shares of the stock. Intrust Bank NA raised its stake in Blueprint Medicines by 3.4% during the first quarter. Intrust Bank NA now owns 3,557 shares of the biotechnology company’s stock worth $315,000 after acquiring an additional 118 shares in the last quarter. Fifth Third Bancorp raised its stake in Blueprint Medicines by 4.7% during the first quarter. Fifth Third Bancorp now owns 3,221 shares of the biotechnology company’s stock worth $285,000 after acquiring an additional 146 shares in the last quarter. Covestor Ltd raised its stake in Blueprint Medicines by 15.9% during the first quarter. Covestor Ltd now owns 1,128 shares of the biotechnology company’s stock worth $100,000 after acquiring an additional 155 shares in the last quarter. Torray Investment Partners LLC raised its stake in Blueprint Medicines by 1.1% during the first quarter. Torray Investment Partners LLC now owns 16,679 shares of the biotechnology company’s stock worth $1,476,000 after acquiring an additional 180 shares in the last quarter. Finally, Headlands Technologies LLC raised its stake in Blueprint Medicines by 25.0% during the first quarter. Headlands Technologies LLC now owns 936 shares of the biotechnology company’s stock worth $83,000 after acquiring an additional 187 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.