Blueprint Medicines (NASDAQ:BPMC) Price Target Raised to $129.00

Blueprint Medicines (NASDAQ:BPMC - Free Report) had its target price lifted by Morgan Stanley from $102.00 to $129.00 in a research report sent to investors on Thursday morning,Benzinga reports. Morgan Stanley currently has an equal weight rating on the biotechnology company's stock.

Other equities analysts have also issued research reports about the stock. TD Cowen lowered shares of Blueprint Medicines from a "strong-buy" rating to a "hold" rating in a report on Tuesday. Scotiabank lowered shares of Blueprint Medicines from a "strong-buy" rating to a "sector perform" rating and set a $135.00 price target on the stock. in a report on Monday. Wolfe Research lowered shares of Blueprint Medicines from a "strong-buy" rating to a "hold" rating in a report on Tuesday. Wall Street Zen upgraded shares of Blueprint Medicines from a "sell" rating to a "hold" rating in a report on Friday, May 2nd. Finally, Citigroup upgraded shares of Blueprint Medicines from a "strong sell" rating to a "hold" rating and lifted their price target for the stock from $83.00 to $129.00 in a report on Wednesday. Seventeen analysts have rated the stock with a hold rating, five have assigned a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat, the company currently has an average rating of "Hold" and a consensus price target of $129.35.

Blueprint Medicines Price Performance

Blueprint Medicines stock traded down $0.05 during mid-day trading on Thursday, reaching $127.85. The company had a trading volume of 3,067,543 shares, compared to its average volume of 1,110,342. Blueprint Medicines has a fifty-two week low of $73.04 and a fifty-two week high of $128.86. The company has a current ratio of 2.85, a quick ratio of 2.80 and a debt-to-equity ratio of 1.15. The company has a market cap of $8.26 billion, a P/E ratio of -118.38 and a beta of 0.83. The business has a fifty day simple moving average of $95.59 and a 200 day simple moving average of $95.88.

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 analysts' consensus estimates of ($0.42) by ($0.32). Blueprint Medicines had a negative net margin of 13.19% and a negative return on equity of 77.49%. The company had revenue of $149.41 million during the quarter, compared to analyst estimates of $158.31 million. During the same quarter in the prior year, the business earned $1.40 EPS. The business's quarterly revenue was up 55.5% on a year-over-year basis. On average, equities research analysts predict that Blueprint Medicines will post -1.28 earnings per share for the current year.

Insider Activity

In other news, 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 transaction, the insider now owns 16,944 shares in the company, valued at approximately $1,747,434.72. This represents a 13.97% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, COO Christina Rossi sold 2,274 shares of the company's stock in a transaction dated Monday, May 5th. The shares were sold at an average price of $101.75, for a total transaction of $231,379.50. Following the transaction, the chief operating officer now owns 66,992 shares in the company, valued at $6,816,436. This represents a 3.28% decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 14,574 shares of company stock worth $1,465,528. Company insiders own 4.21% of the company's stock.

Hedge Funds Weigh In On Blueprint Medicines

Institutional investors have recently made changes to their positions in the stock. Headlands Technologies LLC acquired a new position in shares of Blueprint Medicines during the fourth quarter valued at about $65,000. Thematics Asset Management bought a new stake in shares of Blueprint Medicines during the fourth quarter worth about $72,000. Covestor Ltd increased its position in shares of Blueprint Medicines by 62.7% during the fourth quarter. Covestor Ltd now owns 973 shares of the biotechnology company's stock worth $85,000 after acquiring an additional 375 shares in the last quarter. BI Asset Management Fondsmaeglerselskab A S bought a new stake in shares of Blueprint Medicines during the first quarter worth about $87,000. Finally, Asset Management One Co. Ltd. bought a new stake in shares of Blueprint Medicines during the fourth quarter worth about $88,000.

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.