BlossomHill Therapeutics (NASDAQ:BLSM) Shares Climb 5.6% - Here's Why

Key Points

• BlossomHill Therapeutics shares rose 5.6% to $20.85 in Monday trading, despite volume running 64% below the stock’s average daily level.
• Analyst sentiment remains favorable: five analysts rate the stock Buy, one rates it Hold, and the consensus rating is Moderate Buy with an average price target of $35. Recent targets from Leerink Partners and Guggenheim increased to $40.
• The company reported a significant quarterly EPS miss, losing $8.75 per share versus the $0.84 expected. Meanwhile, insiders bought 1.57 million shares worth approximately $25.2 million during the latest quarter.

BlossomHill Therapeutics, Inc. (NASDAQ:BLSM - Get Free Report)'s share price was up 5.6% on Monday. The company traded as high as $21.08 and last traded at $20.85. 81,942 shares traded hands during mid-day trading, a decline of 64% from the average daily volume of 225,367 shares. The stock had previously closed at $19.75.

Analyst Ratings Changes

Several equities research analysts have issued reports on the company. Leerink Partners increased their target price on BlossomHill Therapeutics from $36.00 to $40.00 and gave the stock an "outperform" rating in a research report on Monday, September 21st. Zacks Research upgraded BlossomHill Therapeutics to a "hold" rating in a research note on Wednesday, September 2nd. Lifesci Capital assumed coverage on BlossomHill Therapeutics in a research note on Tuesday, September 1st. They set an "outperform" rating and a $32.00 price objective on the stock. Guggenheim increased their price objective on BlossomHill Therapeutics from $30.00 to $40.00 and gave the stock a "buy" rating in a report on Monday, September 21st. Finally, Wall Street Zen upgraded BlossomHill Therapeutics to a "hold" rating in a research note on Saturday, August 15th. Five research analysts have rated the stock with a Buy rating and one has given a Hold rating to the company. According to data from MarketBeat, BlossomHill Therapeutics presently has a consensus rating of "Moderate Buy" and an average price target of $35.00.

BlossomHill Therapeutics Price Performance

BlossomHill Therapeutics (NASDAQ:BLSM - Get Free Report) last issued its quarterly earnings data on Friday, September 18th. The company reported ($8.75) earnings per share (EPS) for the quarter, missing analysts' consensus estimates of ($0.84) by ($7.91). On average, research analysts forecast that BlossomHill Therapeutics, Inc. will post -5.54 earnings per share for the current year.

Insider Activity

In other BlossomHill Therapeutics news, General Counsel Vincent Liptak purchased 2,200 shares of the company's stock in a transaction dated Monday, August 10th. The stock was purchased at an average price of $16.00 per share, for a total transaction of $35,200.00. Following the transaction, the general counsel owned 111,412 shares in the company, valued at $1,782,592. The trade was a 2.01% increase in their position. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Also, Director Carl Gordon acquired 625,000 shares of the business's stock in a transaction dated Monday, August 10th. The shares were acquired at an average cost of $16.00 per share, with a total value of $10,000,000.00. Following the acquisition, the director directly owned 2,714,279 shares of the company's stock, valued at $43,428,464. This represents a 29.91% increase in their position. The SEC filing for this purchase provides additional information. In the last quarter, insiders have purchased 1,573,900 shares of company stock worth $25,181,900.

About BlossomHill Therapeutics

BlossomHill Therapeutics Inc is a clinical-stage biopharmaceutical company applying an intentional, chemistry-based approach to design and develop small molecule medicines which address significant unmet medical needs in cancer treatment. The company's lead clinical programs include BH-30643. BlossomHill Therapeutics Inc is headquartered in San Diego, California.

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