Fred Alger Management LLC Cuts Holdings in Blueprint Medicines Co. (NASDAQ:BPMC)

Fred Alger Management LLC reduced its position in shares of Blueprint Medicines Co. (NASDAQ:BPMC - Free Report) by 22.6% in the fourth quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 25,623 shares of the biotechnology company's stock after selling 7,487 shares during the quarter. Fred Alger Management LLC's holdings in Blueprint Medicines were worth $2,235,000 as of its most recent filing with the Securities & Exchange Commission.

Several other institutional investors have also added to or reduced their stakes in the company. Vanguard Group Inc. boosted its holdings in shares of Blueprint Medicines by 1.4% during the fourth quarter. Vanguard Group Inc. now owns 6,774,884 shares of the biotechnology company's stock worth $590,905,000 after purchasing an additional 91,450 shares during the period. Price T Rowe Associates Inc. MD raised its position in Blueprint Medicines by 5.4% during the 4th 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. Wellington Management Group LLP lifted its holdings in Blueprint Medicines by 8.0% in the 4th quarter. Wellington Management Group LLP now owns 4,281,364 shares of the biotechnology company's stock worth $373,421,000 after buying an additional 316,754 shares during the period. William Blair Investment Management LLC lifted its holdings in Blueprint Medicines by 16.1% in the 4th quarter. William Blair Investment Management LLC now owns 1,944,695 shares of the biotechnology company's stock worth $169,616,000 after buying an additional 269,896 shares during the period. Finally, Geode Capital Management LLC grew its position in shares of Blueprint Medicines by 0.7% in the 4th quarter. Geode Capital Management LLC now owns 1,490,101 shares of the biotechnology company's stock worth $129,996,000 after buying an additional 9,914 shares during the last quarter.

Blueprint Medicines Stock Down 0.9%

Blueprint Medicines stock traded down $0.91 during mid-day trading on Tuesday, reaching $99.40. The stock had a trading volume of 595,632 shares, compared to its average volume of 781,337. Blueprint Medicines Co. has a one year low of $73.04 and a one year high of $121.90. The company has a 50-day moving average price of $88.70 and a two-hundred day moving average price of $94.01. The company has a market capitalization of $6.42 billion, a price-to-earnings ratio of -92.04 and a beta of 0.83. The company has a debt-to-equity ratio of 1.15, a current ratio of 2.85 and a quick ratio of 2.80.

Blueprint Medicines (NASDAQ:BPMC - Get Free Report) last posted its quarterly 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). Blueprint Medicines had a negative return on equity of 77.49% and a negative net margin of 13.19%. The business had revenue of $149.41 million during the quarter, compared to analysts' expectations of $158.31 million. During the same quarter in the prior year, the firm earned $1.40 EPS. The firm's revenue for the quarter was up 55.5% compared to the same quarter last year. On average, analysts expect that Blueprint Medicines Co. will post -1.28 EPS for the current fiscal year.

Analysts Set New Price Targets

A number of equities analysts recently commented on the company. Piper Sandler upped their target price on Blueprint Medicines from $109.00 to $119.00 and gave the company a "neutral" rating in a report on Monday, January 27th. Wolfe Research initiated coverage on shares of Blueprint Medicines in a report on Tuesday, March 18th. They issued an "outperform" rating for the company. JMP Securities reaffirmed a "market outperform" rating and set a $125.00 target price on shares of Blueprint Medicines in a research note on Friday, February 14th. Morgan Stanley assumed coverage on shares of Blueprint Medicines in a research note on Thursday, March 20th. They issued an "equal weight" rating and a $100.00 price target for the company. Finally, Scotiabank assumed coverage on shares of Blueprint Medicines in a report on Friday, March 7th. They issued a "sector outperform" rating and a $150.00 price objective for the company. Five analysts have rated the stock with a hold rating, thirteen have issued a buy rating and one has given a strong buy rating to the company's stock. Based on data from MarketBeat.com, the company has an average rating of "Moderate Buy" and a consensus target price of $126.56.

Insider Buying and Selling at Blueprint Medicines

In related news, COO Christina Rossi sold 2,274 shares of the firm's stock in a transaction on Monday, March 24th. The stock was sold at an average price of $95.02, for a total value of $216,075.48. Following the transaction, the chief operating officer now directly owns 69,266 shares of the company's stock, valued at approximately $6,581,655.32. This trade represents a 3.18% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, insider Ariel Hurley sold 2,752 shares of the firm's stock in a transaction dated Monday, May 5th. The stock was sold at an average price of $103.13, for a total value of $283,813.76. Following the completion of the transaction, the insider now directly owns 16,944 shares in the company, valued at $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 10,503 shares of company stock worth $1,027,931 in the last three months. 4.21% of the stock is currently owned by company insiders.

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.