Wealth Enhancement Advisory Services LLC Invests $297,000 in Blueprint Medicines Corporation (NASDAQ:BPMC)

Wealth Enhancement Advisory Services LLC acquired a new position in shares of Blueprint Medicines Corporation (NASDAQ:BPMC - Free Report) in the 1st quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm acquired 3,353 shares of the biotechnology company's stock, valued at approximately $297,000.

Other hedge funds and other institutional investors have also modified their holdings of the company. Avoro Capital Advisors LLC acquired a new stake in shares of Blueprint Medicines in the fourth quarter valued at about $103,356,000. Norges Bank acquired a new stake in shares of Blueprint Medicines in the fourth quarter valued at about $62,028,000. Rock Springs Capital Management LP grew its position in shares of Blueprint Medicines by 42.7% in the fourth quarter. Rock Springs Capital Management LP now owns 1,096,899 shares of the biotechnology company's stock valued at $95,672,000 after purchasing an additional 328,123 shares during the last quarter. Wellington Management Group LLP grew its position in shares of Blueprint Medicines by 8.0% in the fourth quarter. Wellington Management Group LLP now owns 4,281,364 shares of the biotechnology company's stock valued at $373,421,000 after purchasing an additional 316,754 shares during the last quarter. Finally, Price T Rowe Associates Inc. MD grew its position in shares of Blueprint Medicines by 5.4% in the fourth quarter. Price T Rowe Associates Inc. MD now owns 5,679,089 shares of the biotechnology company's stock valued at $495,331,000 after purchasing an additional 291,822 shares during the last quarter.

Insider Activity at Blueprint Medicines

In related news, Director Jeffrey W. Albers sold 5,000 shares of the company's 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 transaction, the director owned 146,630 shares in the company, valued at approximately $14,830,158.20. This represents a 3.30% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Ariel Hurley sold 2,752 shares of the company's stock in a transaction dated 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 owned 16,944 shares in the company, valued at approximately $1,747,434.72. This trade represents a 13.97% decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 13,351 shares of company stock valued at $1,384,244 in the last quarter. 4.21% of the stock is currently owned by company insiders.

Analysts Set New Price Targets

Several equities research analysts recently weighed in on the stock. Wedbush cut shares of Blueprint Medicines from an "outperform" rating to a "neutral" rating and increased their target price for the company from $128.00 to $129.00 in a research note on Monday, June 2nd. Citizens Jmp cut shares of Blueprint Medicines from a "strong-buy" rating to a "hold" rating in a research note on Tuesday, June 3rd. Jefferies Financial Group assumed coverage on shares of Blueprint Medicines in a research note on Monday, March 17th. They issued a "buy" rating and a $135.00 target price for the company. Citigroup upgraded shares of Blueprint Medicines from a "strong sell" rating to a "hold" rating and increased their target price for the company from $83.00 to $129.00 in a research note on Wednesday, June 4th. Finally, TD Cowen cut shares of Blueprint Medicines from a "strong-buy" rating to a "hold" rating in a research note on Tuesday, June 3rd. Eighteen investment analysts have rated the stock with a hold rating, three have issued a buy rating and one has given a strong buy rating to the stock. According to MarketBeat.com, the stock has a consensus rating of "Hold" and a consensus price target of $128.25.

Blueprint Medicines Trading Up 0.1%

Shares of NASDAQ BPMC traded up $0.15 during midday trading on Wednesday, reaching $128.55. 2,996,549 shares of the stock were exchanged, compared to its average volume of 1,344,637. The business has a 50-day simple moving average of $115.15 and a two-hundred day simple moving average of $101.02. The company has a market capitalization of $8.30 billion, a price-to-earnings ratio of -52.04 and a beta of 0.89. Blueprint Medicines Corporation has a 12 month low of $73.04 and a 12 month high of $128.78. The company has a debt-to-equity ratio of 1.01, a current ratio of 2.80 and a quick ratio of 2.75.

Blueprint Medicines (NASDAQ:BPMC - Get Free Report) last announced its earnings results on Thursday, May 1st. The biotechnology company reported ($0.74) earnings per share for the quarter, missing analysts' consensus estimates of ($0.42) by ($0.32). The company had revenue of $149.41 million during the quarter, compared to analyst estimates 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 revenue for the quarter was up 55.5% on a year-over-year basis. During the same period in the previous year, the company posted $1.40 earnings per share. As a group, equities research analysts expect that Blueprint Medicines Corporation will post -1.28 EPS for the current year.

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.