Blueprint Medicines (NASDAQ:BPMC) Sees Large Volume Increase - Here's What Happened

Shares of Blueprint Medicines Corporation (NASDAQ:BPMC - Get Free Report) saw strong trading volume on Tuesday . 1,628,035 shares changed hands during mid-day trading, an increase of 28% from the previous session's volume of 1,268,668 shares.The stock last traded at $128.16 and had previously closed at $128.40.

Analysts Set New Price Targets

Several research analysts have recently issued reports on the stock. Wells Fargo & Company cut shares of Blueprint Medicines from a "strong-buy" rating to a "hold" rating and decreased their price objective for the company from $143.00 to $129.00 in a report on Tuesday, June 17th. Scotiabank cut shares of Blueprint Medicines from a "strong-buy" rating to a "sector perform" rating and set a $135.00 target price for the company. in a report on Monday, June 2nd. Needham & Company LLC cut shares of Blueprint Medicines from a "buy" rating to a "hold" rating and set a $130.00 target price for the company. in a report on Monday, June 2nd. Morgan Stanley raised their price objective on shares of Blueprint Medicines from $102.00 to $129.00 and gave the stock an "equal weight" rating in a research note on Thursday, June 5th. Finally, UBS Group lifted their price objective on shares of Blueprint Medicines from $88.00 to $129.00 and gave the stock a "neutral" rating in a research report on Thursday, June 5th. Eighteen research analysts have rated the stock with a hold rating, four have assigned a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat.com, the stock presently has an average rating of "Hold" and a consensus price target of $128.06.

Blueprint Medicines Trading Down 0.0%

The stock has a market cap of $8.28 billion, a P/E ratio of -51.92 and a beta of 0.84. The company has a debt-to-equity ratio of 1.01, a current ratio of 2.80 and a quick ratio of 2.75. The business's 50 day simple moving average is $107.53 and its 200 day simple moving average is $98.80.

Blueprint Medicines (NASDAQ:BPMC - Get Free Report) last issued its quarterly earnings data on Thursday, May 1st. The biotechnology company reported ($0.74) earnings per share for the quarter, missing the consensus estimate of ($0.42) by ($0.32). The firm 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 64.60% and a negative net margin of 27.70%. Blueprint Medicines's quarterly revenue was up 55.5% compared to the same quarter last year. During the same period in the prior year, the company posted $1.40 earnings per share. On average, analysts expect that Blueprint Medicines Corporation will post -1.28 earnings per share for the current fiscal year.

Insider Transactions at Blueprint Medicines

In related news, COO Christina Rossi sold 2,274 shares of the stock in a transaction that occurred on Monday, May 19th. The shares were sold at an average price of $100.51, for a total value of $228,559.74. Following the transaction, the chief operating officer now directly owns 64,718 shares in the company, valued at $6,504,806.18. This represents a 3.39% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, Director Jeffrey W. Albers sold 5,000 shares of the stock in a transaction on Tuesday, May 27th. The stock was sold at an average price of $101.14, for a total transaction of $505,700.00. Following the completion of the sale, the director now owns 146,630 shares in the company, valued at approximately $14,830,158.20. This trade represents a 3.30% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders have sold 12,300 shares of company stock worth $1,249,453. Corporate insiders own 4.21% of the company's stock.

Institutional Inflows and Outflows

A number of hedge funds have recently added to or reduced their stakes in BPMC. Headlands Technologies LLC bought a new position in Blueprint Medicines in the fourth quarter valued at $65,000. Thematics Asset Management bought a new stake in shares of Blueprint Medicines during the 4th quarter worth about $72,000. Covestor Ltd raised its position in shares of Blueprint Medicines by 62.7% in the 4th quarter. Covestor Ltd now owns 973 shares of the biotechnology company's stock valued at $85,000 after buying an additional 375 shares in the last quarter. BI Asset Management Fondsmaeglerselskab A S acquired a new position in Blueprint Medicines during the 1st quarter worth approximately $87,000. Finally, Point72 Asia Singapore Pte. Ltd. acquired a new position in Blueprint Medicines during the 4th quarter worth approximately $106,000.

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.