Bayesian Capital Management LP Makes New Investment in Blueprint Medicines Co. (NASDAQ:BPMC)

Bayesian Capital Management LP acquired a new stake in Blueprint Medicines Co. (NASDAQ:BPMC - Free Report) in the 4th quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm acquired 18,579 shares of the biotechnology company's stock, valued at approximately $1,620,000.

Several other hedge funds and other institutional investors have also made changes to their positions in the stock. R Squared Ltd purchased a new position in Blueprint Medicines during the 4th quarter worth $51,000. Headlands Technologies LLC purchased a new stake in Blueprint Medicines in the 4th quarter worth approximately $65,000. Thematics Asset Management acquired a new stake in shares of Blueprint Medicines in the fourth quarter worth approximately $72,000. Covestor Ltd increased its stake in Blueprint Medicines by 62.7% during the fourth quarter. Covestor Ltd now owns 973 shares of the biotechnology company's stock worth $85,000 after acquiring an additional 375 shares during the last quarter. Finally, Asset Management One Co. Ltd. acquired a new position in shares of Blueprint Medicines during the 4th quarter valued at $88,000.

Insider Transactions at Blueprint Medicines

In other news, insider Ariel Hurley sold 2,752 shares of the stock in a transaction dated Monday, May 5th. The shares were sold at an average price of $103.13, for a total transaction of $283,813.76. Following the transaction, the insider now directly owns 16,944 shares in the company, valued at $1,747,434.72. This represents a 13.97 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, COO Christina Rossi sold 2,274 shares of the stock in a transaction dated Monday, March 24th. The shares were sold at an average price of $95.02, for a total value of $216,075.48. Following the completion of the sale, the chief operating officer now owns 69,266 shares of the company's stock, valued at approximately $6,581,655.32. This trade represents a 3.18 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders sold 10,503 shares of company stock worth $1,027,931. 4.21% of the stock is currently owned by insiders.

Wall Street Analysts Forecast Growth

Several equities research analysts recently issued reports on BPMC shares. Piper Sandler upped their price target on Blueprint Medicines from $109.00 to $119.00 and gave the company a "neutral" rating in a research report on Monday, January 27th. JPMorgan Chase & Co. increased their target price on Blueprint Medicines from $126.00 to $129.00 and gave the company an "overweight" rating in a report on Tuesday, February 4th. Needham & Company LLC cut their price objective on shares of Blueprint Medicines from $133.00 to $130.00 and set a "buy" rating on the stock in a research report on Monday, April 28th. Scotiabank began coverage on Blueprint Medicines in a research report on Friday, March 7th. They issued a "sector outperform" rating and a $150.00 price target on the stock. Finally, JMP Securities reissued a "market outperform" rating and set a $125.00 price objective on shares of Blueprint Medicines in a report on Friday, February 14th. Five analysts have rated the stock with a hold rating, thirteen have issued a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat, the stock has an average rating of "Moderate Buy" and a consensus price target of $126.56.

Blueprint Medicines Stock Up 0.7 %

Shares of BPMC stock traded up $0.68 during mid-day trading on Wednesday, hitting $99.84. 906,170 shares of the stock traded hands, compared to its average volume of 777,699. Blueprint Medicines Co. has a 52-week low of $73.04 and a 52-week high of $121.90. The stock's fifty day moving average is $88.14 and its two-hundred day moving average is $93.57. The company has a debt-to-equity ratio of 1.15, a current ratio of 2.85 and a quick ratio of 2.80. The stock has a market cap of $6.45 billion, a P/E ratio of -92.44 and a beta of 0.83.

Blueprint Medicines (NASDAQ:BPMC - Get Free Report) last posted its quarterly 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 during the quarter, compared to analysts' expectations of $158.31 million. Blueprint Medicines had a negative net margin of 13.19% and a negative return on equity of 77.49%. Blueprint Medicines's revenue for the quarter was up 55.5% on a year-over-year basis. During the same quarter last year, the company earned $1.40 earnings per share. Equities analysts predict that Blueprint Medicines Co. will post -1.28 EPS for the current year.

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.