Lord Abbett & CO. LLC Sells 843,147 Shares of Blueprint Medicines Co. (NASDAQ:BPMC)

Lord Abbett & CO. LLC cut its stake in Blueprint Medicines Co. (NASDAQ:BPMC - Free Report) by 71.6% during the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 335,043 shares of the biotechnology company's stock after selling 843,147 shares during the period. Lord Abbett & CO. LLC owned 0.53% of Blueprint Medicines worth $29,223,000 at the end of the most recent reporting period.

Other hedge funds also recently added to or reduced their stakes in the company. Cerity Partners LLC acquired a new position in Blueprint Medicines in the fourth quarter worth about $291,000. Empirical Asset Management LLC acquired a new stake in shares of Blueprint Medicines in the fourth quarter valued at approximately $2,348,000. Stephens Inc. AR acquired a new position in shares of Blueprint Medicines during the fourth quarter worth approximately $321,000. Bank of New York Mellon Corp raised its stake in Blueprint Medicines by 2.4% during the 4th quarter. Bank of New York Mellon Corp now owns 303,432 shares of the biotechnology company's stock valued at $26,465,000 after acquiring an additional 7,101 shares in the last quarter. Finally, KBC Group NV increased its holdings in shares of Blueprint Medicines by 63.9% during the fourth quarter. KBC Group NV now owns 2,625 shares of the biotechnology company's stock valued at $229,000 after purchasing an additional 1,023 shares during the period.

Insider Buying and Selling at Blueprint Medicines

In related news, insider Ariel Hurley sold 3,203 shares of the business's stock in a transaction dated Monday, March 3rd. The stock was sold at an average price of $92.62, for a total transaction of $296,661.86. Following the transaction, the insider now directly 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 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 the firm's stock in a transaction that occurred 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 completion of the sale, the chief operating officer now owns 69,266 shares of the company's stock, valued at $6,581,655.32. This represents a 3.18 % decrease in their position. The disclosure for this sale can be found here. Insiders own 4.21% of the company's stock.

Blueprint Medicines Stock Performance

BPMC traded up $3.78 during trading on Friday, hitting $103.03. The stock had a trading volume of 709,503 shares, compared to its average volume of 775,483. The firm has a market cap of $6.58 billion, a PE ratio of -95.83 and a beta of 0.75. The company has a current ratio of 2.85, a quick ratio of 2.80 and a debt-to-equity ratio of 1.15. Blueprint Medicines Co. has a 12 month low of $73.04 and a 12 month high of $121.90. The company has a 50 day simple moving average of $87.42 and a 200-day simple moving average of $93.20.

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 the consensus estimate of ($0.42) by ($0.32). The business had revenue of $149.41 million for the quarter, compared to the consensus estimate of $158.31 million. Blueprint Medicines had a negative net margin of 13.19% and a negative return on equity of 77.49%. Blueprint Medicines's revenue for the quarter was up 55.5% compared to the same quarter last year. During the same quarter in the previous year, the company earned $1.40 EPS. Analysts expect that Blueprint Medicines Co. will post -1.28 EPS for the current year.

Wall Street Analyst Weigh In

A number of analysts have recently weighed in on the stock. 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 price target for the company. Needham & Company LLC cut their price target on shares of Blueprint Medicines from $133.00 to $130.00 and set a "buy" rating for the company in a report on Monday. Stephens reaffirmed an "overweight" rating and issued a $140.00 price objective on shares of Blueprint Medicines in a research note on Thursday, January 2nd. HC Wainwright reissued a "buy" rating and set a $135.00 target price on shares of Blueprint Medicines in a research note on Friday. Finally, Wedbush reaffirmed an "outperform" rating and set a $128.00 target price on shares of Blueprint Medicines in a research report on Thursday. Two investment analysts have rated the stock with a sell rating, six have issued a hold rating, fourteen have issued a buy rating and one has assigned a strong buy rating to the company's stock. Based on data from MarketBeat, the stock presently has an average rating of "Moderate Buy" and an average price target of $124.53.

Blueprint Medicines 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.