Blueprint Medicines (NASDAQ:BPMC) Stock Price Up 6.2% - Here's What Happened

Blueprint Medicines Co. (NASDAQ:BPMC - Get Free Report)'s share price traded up 6.2% during mid-day trading on Thursday . The company traded as high as $100.02 and last traded at $101.21. 535,663 shares traded hands during trading, a decline of 32% from the average session volume of 782,631 shares. The stock had previously closed at $95.30.

Wall Street Analysts Forecast Growth

A number of research analysts recently commented on the company. HC Wainwright restated a "buy" rating and issued a $135.00 target price on shares of Blueprint Medicines in a research note on Friday, May 2nd. Scotiabank began coverage on Blueprint Medicines in a report on Friday, March 7th. They set a "sector outperform" rating and a $150.00 price target for the company. Wedbush reissued an "outperform" rating and set a $128.00 price target on shares of Blueprint Medicines in a report on Thursday, May 1st. Needham & Company LLC cut their target price on Blueprint Medicines from $133.00 to $130.00 and set a "buy" rating on the stock in a research report on Monday, April 28th. Finally, Morgan Stanley initiated coverage on Blueprint Medicines in a report on Thursday, March 20th. They issued an "equal weight" rating and a $100.00 target price for the company. Five equities research analysts have rated the stock with a hold rating, thirteen have assigned a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat, Blueprint Medicines currently has a consensus rating of "Moderate Buy" and an average target price of $126.56.

Blueprint Medicines Stock Down 1.9%

The stock has a market capitalization of $6.53 billion, a PE ratio of -93.66 and a beta of 0.83. The firm's fifty day moving average is $91.67 and its 200-day moving average is $94.68. The company has a quick ratio of 2.80, a current ratio of 2.85 and a debt-to-equity ratio of 1.15.

Blueprint Medicines (NASDAQ:BPMC - Get Free Report) last issued its earnings results 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 company had revenue of $149.41 million for the quarter, compared to analyst estimates of $158.31 million. Blueprint Medicines had a negative return on equity of 77.49% and a negative net margin of 13.19%. The company's quarterly revenue was up 55.5% compared to the same quarter last year. During the same quarter in the previous year, the company posted $1.40 earnings per share. On average, equities research analysts predict that Blueprint Medicines Co. will post -1.28 earnings per share for the current year.

Insider Activity at Blueprint Medicines

In related 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 sale, the director now directly owns 146,630 shares in the company, valued at $14,830,158.20. This trade represents a 3.30% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, insider Ariel Hurley sold 3,203 shares of the business's stock in a transaction that occurred on Monday, March 3rd. The stock was sold at an average price of $92.62, for a total transaction of $296,661.86. Following the completion of the sale, the insider now owns 18,270 shares in the company, valued at $1,692,167.40. The trade was a 14.92% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders sold 17,777 shares of company stock valued at $1,762,190. Corporate insiders own 4.21% of the company's stock.

Hedge Funds Weigh In On Blueprint Medicines

Several institutional investors have recently bought and sold shares of the stock. Rhumbline Advisers boosted its holdings in shares of Blueprint Medicines by 6.2% during the 1st quarter. Rhumbline Advisers now owns 91,933 shares of the biotechnology company's stock worth $8,137,000 after buying an additional 5,402 shares during the period. Strs Ohio bought a new stake in shares of Blueprint Medicines during the 1st quarter worth $593,000. Intech Investment Management LLC raised its stake in Blueprint Medicines by 26.7% during the 1st quarter. Intech Investment Management LLC now owns 40,014 shares of the biotechnology company's stock valued at $3,542,000 after purchasing an additional 8,443 shares during the last quarter. SCS Capital Management LLC acquired a new position in Blueprint Medicines during the 1st quarter valued at $1,342,000. Finally, UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC raised its stake in Blueprint Medicines by 1.9% during the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 244,411 shares of the biotechnology company's stock valued at $21,633,000 after purchasing an additional 4,465 shares during the last quarter.

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.