Jennison Associates LLC Lowers Holdings in Blueprint Medicines Corporation (NASDAQ:BPMC)

Jennison Associates LLC trimmed its stake in Blueprint Medicines Corporation (NASDAQ:BPMC - Free Report) by 3.2% in the first quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 348,817 shares of the biotechnology company's stock after selling 11,391 shares during the quarter. Jennison Associates LLC owned 0.55% of Blueprint Medicines worth $30,874,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds and other institutional investors have also recently added to or reduced their stakes in BPMC. Fifth Third Bancorp boosted its stake in shares of Blueprint Medicines by 4.7% in the 1st quarter. Fifth Third Bancorp now owns 3,221 shares of the biotechnology company's stock valued at $285,000 after purchasing an additional 146 shares in the last quarter. Xponance Inc. raised its holdings in shares of Blueprint Medicines by 5.0% in the first quarter. Xponance Inc. now owns 5,021 shares of the biotechnology company's stock valued at $444,000 after buying an additional 240 shares during the last quarter. Sherbrooke Park Advisers LLC raised its holdings in shares of Blueprint Medicines by 8.4% in the fourth quarter. Sherbrooke Park Advisers LLC now owns 3,374 shares of the biotechnology company's stock valued at $294,000 after buying an additional 261 shares during the last quarter. Summit Investment Advisors Inc. raised its holdings in Blueprint Medicines by 4.4% during the 4th quarter. Summit Investment Advisors Inc. now owns 6,652 shares of the biotechnology company's stock worth $580,000 after purchasing an additional 283 shares during the last quarter. Finally, GF Fund Management CO. LTD. raised its holdings in Blueprint Medicines by 21.9% during the 1st quarter. GF Fund Management CO. LTD. now owns 1,626 shares of the biotechnology company's stock worth $144,000 after purchasing an additional 292 shares during the last quarter.

Analysts Set New Price Targets

Several equities analysts have recently issued reports on the company. Wolfe Research lowered Blueprint Medicines from a "strong-buy" rating to a "hold" rating in a research report on Tuesday, June 3rd. Stephens downgraded Blueprint Medicines from a "strong-buy" rating to a "hold" rating and cut their price objective for the company from $150.00 to $135.00 in a report on Tuesday, June 3rd. Wedbush cut Blueprint Medicines from an "outperform" rating to a "neutral" rating and increased their price target for the company from $128.00 to $129.00 in a research note on Monday, June 2nd. TD Cowen cut Blueprint Medicines from a "strong-buy" rating to a "hold" rating in a research report on Tuesday, June 3rd. Finally, Citizens Jmp cut Blueprint Medicines from a "strong-buy" rating to a "hold" rating in a research report on Tuesday, June 3rd. Eighteen analysts have rated the stock with a hold rating, three have assigned a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat, the company presently has an average rating of "Hold" and an average target price of $128.25.

Blueprint Medicines Price Performance

Shares of NASDAQ:BPMC remained flat at $129.46 during mid-day trading on Wednesday. The firm has a market capitalization of $8.36 billion, a PE ratio of -52.41 and a beta of 0.89. The company has a quick ratio of 2.75, a current ratio of 2.80 and a debt-to-equity ratio of 1.01. Blueprint Medicines Corporation has a 52 week low of $73.04 and a 52 week high of $129.65. The company has a 50 day moving average price of $121.20 and a 200 day moving average price of $103.82.

Blueprint Medicines (NASDAQ:BPMC - Get Free Report) last posted 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). Blueprint Medicines had a negative return on equity of 64.60% and a negative net margin of 27.70%. The business had revenue of $149.41 million during the quarter, compared to analysts' expectations of $158.31 million. During the same period in the prior year, the firm posted $1.40 EPS. The firm's revenue for the quarter was up 55.5% on a year-over-year basis. On average, equities research analysts expect that Blueprint Medicines Corporation will post -1.28 EPS for the current year.

Insider Activity

In related news, insider Ariel Hurley sold 2,752 shares of the firm's stock in a transaction that occurred on Monday, May 5th. The stock was sold at an average price of $103.13, for a total transaction of $283,813.76. Following the transaction, the insider directly owned 16,944 shares in the company, valued at $1,747,434.72. This trade represents a 13.97% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Percy H. Carter sold 1,051 shares of the firm's stock in a transaction that occurred on Thursday, July 3rd. The stock was sold at an average price of $128.25, for a total value of $134,790.75. Following the transaction, the insider owned 53,155 shares in the company, valued at approximately $6,817,128.75. The trade was a 1.94% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders sold 13,351 shares of company stock valued at $1,384,244. Corporate insiders own 4.21% of the company's stock.

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.