BlossomHill Therapeutics (NASDAQ:BLSM) Now Covered by Analysts at JPMorgan Chase & Co.

Key Points

• JPMorgan initiated coverage of BlossomHill Therapeutics with an “overweight” rating and a $28 price target, implying approximately 53% upside from the prior close.
• Other analysts remain positive: Guggenheim and HC Wainwright issued “buy” ratings with targets of $30 and $35, respectively, contributing to a consensus “Buy” rating and $31 average target.
• Insiders have shown strong buying activity, purchasing 1.57 million shares worth about $25.2 million over the past three months; the stock opened at $18.30 after a reported 6.4% decline.

Equities researchers at JPMorgan Chase & Co. initiated coverage on shares of BlossomHill Therapeutics (NASDAQ:BLSM - Get Free Report) in a note issued to investors on Tuesday, MarketBeat.com reports. The brokerage set an "overweight" rating and a $28.00 price target on the stock. JPMorgan Chase & Co.'s price objective would indicate a potential upside of 53.01% from the stock's previous close.

BLSM has been the topic of a number of other research reports. Wall Street Zen upgraded shares of BlossomHill Therapeutics to a "hold" rating in a research report on Saturday, August 15th. Guggenheim began coverage on BlossomHill Therapeutics in a research note on Tuesday. They issued a "buy" rating and a $30.00 target price on the stock. Finally, HC Wainwright began coverage on BlossomHill Therapeutics in a report on Tuesday. They set a "buy" rating and a $35.00 price target on the stock. Three analysts have rated the stock with a Buy rating, According to data from MarketBeat.com, the company has a consensus rating of "Buy" and a consensus target price of $31.00.

BlossomHill Therapeutics Stock Down 6.4%

Shares of BlossomHill Therapeutics stock opened at $18.30 on Tuesday. BlossomHill Therapeutics has a one year low of $15.25 and a one year high of $20.61.

Insider Activity

In other news, Director Bihua Chen purchased 312,500 shares of the company's stock in a transaction that occurred on Monday, August 10th. The shares were bought at an average cost of $16.00 per share, for a total transaction of $5,000,000.00. Following the completion of the transaction, the director directly owned 3,614,034 shares of the company's stock, valued at $57,824,544. This trade represents a 9.47% increase in their position. The acquisition was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, Director Orbimed Advisors Llc purchased 625,000 shares of BlossomHill Therapeutics stock in a transaction that occurred on Monday, August 10th. The stock was purchased at an average cost of $16.00 per share, for a total transaction of $10,000,000.00. Following the completion of the purchase, the director owned 2,714,279 shares of the company's stock, valued at $43,428,464. This trade represents a 29.91% increase in their ownership of the stock. Additional details regarding this purchase are available in the official SEC disclosure. In the last three months, insiders have bought 1,573,900 shares of company stock worth $25,181,900.

BlossomHill Therapeutics Company Profile

BlossomHill Therapeutics Inc is a clinical-stage biopharmaceutical company applying an intentional, chemistry-based approach to design and develop small molecule medicines which address significant unmet medical needs in cancer treatment. The company's lead clinical programs include BH-30643. BlossomHill Therapeutics Inc is headquartered in San Diego, California.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.

Continue following MarketBeat

Add MarketBeat as your preferred source on Google to see our latest stories in your feed.

Add As Preferred Source