Blueprint Medicines (NASDAQ:BPMC) Shares Gap Up - Here's Why

Shares of Blueprint Medicines Co. (NASDAQ:BPMC - Get Free Report) gapped up prior to trading on Monday . The stock had previously closed at $101.35, but opened at $128.01. Blueprint Medicines shares last traded at $127.78, with a volume of 21,813,949 shares changing hands.

Wall Street Analyst Weigh In

A number of brokerages have recently weighed in on BPMC. Wedbush reissued a "neutral" rating and set a $129.00 price target (up from $128.00) on shares of Blueprint Medicines in a research report on Monday. Citigroup raised shares of Blueprint Medicines from a "sell" rating to a "neutral" rating and lifted their price target for the stock from $83.00 to $129.00 in a research report on Wednesday. Morgan Stanley began coverage on shares of Blueprint Medicines in a research report on Thursday, March 20th. They set an "equal weight" rating and a $100.00 price target on the stock. Wall Street Zen raised shares of Blueprint Medicines from a "sell" rating to a "hold" rating in a research report on Friday, May 2nd. Finally, Stephens cut shares of Blueprint Medicines from a "strong-buy" rating to a "hold" rating and reduced their price target for the stock from $150.00 to $135.00 in a research report on Tuesday. Fifteen research analysts have rated the stock with a hold rating, six have issued a buy rating and one has assigned a strong buy rating to the company's stock. Based on data from MarketBeat.com, the stock presently has an average rating of "Hold" and a consensus target price of $125.59.

Blueprint Medicines Stock Up 0.4%

The company has a current ratio of 2.85, a quick ratio of 2.80 and a debt-to-equity ratio of 1.15. The firm's 50 day simple moving average is $93.96 and its 200-day simple moving average is $95.39. The stock has a market capitalization of $8.27 billion, a price-to-earnings ratio of -118.61 and a beta of 0.83.

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

Insider Activity

In other news, Director Jeffrey W. Albers sold 5,000 shares of Blueprint Medicines stock in a transaction dated 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. This trade represents a 3.30% 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 Blueprint Medicines stock in a transaction dated Monday, May 5th. The shares were sold at an average price of $101.75, for a total transaction of $231,379.50. Following the completion of the transaction, the chief operating officer now directly owns 66,992 shares of the company's stock, valued at approximately $6,816,436. This trade represents a 3.28% decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 14,574 shares of company stock valued at $1,465,528 in the last quarter. Company insiders own 4.21% of the company's stock.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently modified their holdings of BPMC. SG Americas Securities LLC grew its position in shares of Blueprint Medicines by 69.7% in the 4th quarter. SG Americas Securities LLC now owns 4,277 shares of the biotechnology company's stock valued at $373,000 after acquiring an additional 1,756 shares during the period. KBC Group NV boosted its holdings in shares of Blueprint Medicines by 63.9% during the 4th 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 stake in shares of Blueprint Medicines during the 4th quarter worth about $31,417,000. Stephens Inc. AR bought a new stake in shares of Blueprint Medicines during the 4th quarter worth about $321,000. Finally, Values First Advisors Inc. boosted its holdings in shares of Blueprint Medicines by 277.9% during the 4th quarter. Values First Advisors Inc. now owns 4,970 shares of the biotechnology company's stock worth $433,000 after buying an additional 3,655 shares during the period.

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.