BlossomHill Therapeutics (NASDAQ:BLSM) Shares Down 6.6% - Here's What Happened

Key Points

• BlossomHill Therapeutics shares fell 6.6% to $18.62 in midday trading, while volume dropped 72% below the average daily level.
• The company reported a quarterly loss of $8.75 per share, missing analysts’ expected loss of $0.84 by $7.91; analysts forecast a full-year loss of $5.54 per share.
• Despite the decline, analyst sentiment remains generally positive, with a “Moderate Buy” consensus and an average $35 price target. Insiders also bought 1.57 million shares worth $25.2 million over the past 90 days.

BlossomHill Therapeutics, Inc. (NASDAQ:BLSM - Get Free Report) was down 6.6% on Tuesday. The company traded as low as $18.60 and last traded at $18.62. Approximately 61,939 shares were traded during mid-day trading, a decline of 72% from the average daily volume of 222,648 shares. The stock had previously closed at $19.94.

Wall Street Analyst Weigh In

A number of equities analysts have commented on the company. JPMorgan Chase & Co. initiated coverage on BlossomHill Therapeutics in a research note on Tuesday, September 1st. They issued an "overweight" rating and a $28.00 price target on the stock. Zacks Research upgraded shares of BlossomHill Therapeutics to a "hold" rating in a report on Wednesday, September 2nd. Lifesci Capital started coverage on shares of BlossomHill Therapeutics in a research note on Tuesday, September 1st. They issued an "outperform" rating and a $32.00 target price on the stock. Leerink Partners boosted their price target on BlossomHill Therapeutics from $36.00 to $40.00 and gave the company an "outperform" rating in a report on Monday, September 21st. Finally, Wall Street Zen lowered shares of BlossomHill Therapeutics from a "hold" rating to a "sell" rating in a report on Saturday. Five research analysts have rated the stock with a Buy rating and one has issued a Hold rating to the company. According to data from MarketBeat, BlossomHill Therapeutics presently has a consensus rating of "Moderate Buy" and an average target price of $35.00.

BlossomHill Therapeutics Stock Down 8.5%

The business's 50-day moving average is $19.89.

BlossomHill Therapeutics (NASDAQ:BLSM - Get Free Report) last announced its quarterly earnings results on Friday, September 18th. The company reported ($8.75) EPS for the quarter, missing analysts' consensus estimates of ($0.84) by ($7.91). Equities analysts predict that BlossomHill Therapeutics, Inc. will post -5.54 EPS for the current year.

Insider Buying and Selling

In other news, Director Carl Gordon acquired 625,000 shares of BlossomHill Therapeutics stock in a transaction that occurred on Monday, August 10th. The stock was bought at an average price of $16.00 per share, for a total transaction of $10,000,000.00. Following the completion of the transaction, the director owned 2,714,279 shares in the company, valued at $43,428,464. The trade was a 29.91% increase in their ownership of the stock. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director John P. Schmid bought 6,000 shares of the stock in a transaction on Monday, August 10th. The stock was purchased at an average cost of $16.00 per share, for a total transaction of $96,000.00. Following the acquisition, the director owned 6,000 shares of the company's stock, valued at $96,000. This trade represents a ∞ increase in their position. The SEC filing for this purchase provides additional information. Insiders have purchased a total of 1,573,900 shares of company stock valued at $25,181,900 over the last ninety days.

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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