Scotiabank Downgrades Blueprint Medicines (NASDAQ:BPMC) to Sector Perform

Scotiabank cut shares of Blueprint Medicines (NASDAQ:BPMC - Free Report) from a strong-buy rating to a sector perform rating in a research report released on Monday morning, MarketBeat.com reports. The brokerage currently has $135.00 target price on the biotechnology company's stock.

Several other research firms have also recently weighed in on BPMC. JPMorgan Chase & Co. raised their price objective on shares of Blueprint Medicines from $126.00 to $129.00 and gave the company an "overweight" rating in a research report on Tuesday, February 4th. Wedbush cut Blueprint Medicines from an "outperform" rating to a "neutral" rating and boosted their price objective for the stock from $128.00 to $129.00 in a report on Monday. Morgan Stanley initiated coverage on shares of Blueprint Medicines in a research report on Thursday, March 20th. They set an "equal weight" rating and a $100.00 target price on the stock. HC Wainwright restated a "buy" rating and issued a $135.00 price objective on shares of Blueprint Medicines in a report on Friday, May 2nd. Finally, Needham & Company LLC cut shares of Blueprint Medicines from a "buy" rating to a "hold" rating and set a $130.00 price objective on the stock. in a research note on Monday. Seventeen research analysts have rated the stock with a hold rating, five have given a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat, the company presently has an average rating of "Hold" and a consensus target price of $129.35.

Blueprint Medicines Price Performance

NASDAQ BPMC traded down $0.05 during trading hours on Monday, reaching $127.85. 3,067,335 shares of the company's stock were exchanged, compared to its average volume of 1,107,424. The firm has a fifty day moving average of $94.75 and a 200-day moving average of $95.65. Blueprint Medicines has a one year low of $73.04 and a one year high of $128.86. The stock has a market cap of $8.26 billion, a PE ratio of -118.38 and a beta of 0.83. The company has a current ratio of 2.85, a quick ratio of 2.80 and a debt-to-equity ratio of 1.15.

Blueprint Medicines (NASDAQ:BPMC - Get Free Report) last announced its earnings results on Thursday, May 1st. The biotechnology company reported ($0.74) EPS for the quarter, missing the consensus estimate of ($0.42) by ($0.32). Blueprint Medicines had a negative return on equity of 77.49% and a negative net margin of 13.19%. The business had revenue of $149.41 million for the quarter, compared to the consensus estimate of $158.31 million. During the same quarter in the previous year, the company posted $1.40 EPS. Blueprint Medicines's revenue for the quarter was up 55.5% on a year-over-year basis. On average, equities research analysts predict that Blueprint Medicines will post -1.28 earnings per share for the current fiscal year.

Insider Buying and Selling at Blueprint Medicines

In other Blueprint Medicines news, Director Jeffrey W. Albers sold 5,000 shares of the firm's stock in a transaction that occurred on Tuesday, May 27th. The shares were sold at an average price of $101.14, for a total transaction of $505,700.00. Following the sale, the director now directly owns 146,630 shares in the company, valued at approximately $14,830,158.20. This trade represents a 3.30% decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through this link. Also, insider Ariel Hurley sold 2,752 shares of Blueprint Medicines stock in a transaction that occurred on Monday, May 5th. The shares were sold at an average price of $103.13, for a total transaction of $283,813.76. Following the completion of the transaction, the insider now directly owns 16,944 shares in the company, valued at approximately $1,747,434.72. The trade was a 13.97% decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 14,574 shares of company stock valued at $1,465,528. Company insiders own 4.21% of the company's stock.

Institutional Investors Weigh In On Blueprint Medicines

Large investors have recently made changes to their positions in the stock. SG Americas Securities LLC increased its holdings in Blueprint Medicines by 69.7% during the 4th quarter. SG Americas Securities LLC now owns 4,277 shares of the biotechnology company's stock worth $373,000 after purchasing an additional 1,756 shares in the last quarter. KBC Group NV boosted its position in shares of Blueprint Medicines by 63.9% during the fourth quarter. KBC Group NV now owns 2,625 shares of the biotechnology company's stock worth $229,000 after buying an additional 1,023 shares during the period. Jennison Associates LLC bought a new position in shares of Blueprint Medicines during the fourth quarter worth about $31,417,000. Stephens Inc. AR acquired a new stake in Blueprint Medicines in the 4th quarter valued at approximately $321,000. Finally, Values First Advisors Inc. lifted its stake in Blueprint Medicines by 277.9% in the 4th quarter. Values First Advisors Inc. now owns 4,970 shares of the biotechnology company's stock valued at $433,000 after acquiring an additional 3,655 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.