Blueprint Medicines (NASDAQ:BPMC) Price Target Raised to $120.00 at Canaccord Genuity

Blueprint Medicines (NASDAQ:BPMC) had its target price increased by Canaccord Genuity from $105.00 to $120.00 in a research note issued to investors on Friday morning, The Fly reports. They currently have a buy rating on the biotechnology company’s stock.

Other research analysts also recently issued research reports about the company. Zacks Investment Research raised Blueprint Medicines from a hold rating to a buy rating and set a $88.00 target price for the company in a research note on Tuesday, April 30th. Robert W. Baird initiated coverage on Blueprint Medicines in a research note on Thursday, July 18th. They set an outperform rating and a $120.00 target price for the company. BidaskClub raised Blueprint Medicines from a buy rating to a strong-buy rating in a research note on Wednesday, July 24th. Cowen reissued a buy rating on shares of Blueprint Medicines in a research note on Monday, June 17th. Finally, Deutsche Bank started coverage on Blueprint Medicines in a research note on Thursday, July 18th. They issued a buy rating and a $110.00 price objective for the company. Eleven investment analysts have rated the stock with a buy rating and one has issued a strong buy rating to the company. The company presently has a consensus rating of Buy and an average target price of $109.44.

Shares of NASDAQ BPMC opened at $87.26 on Friday. The company has a debt-to-equity ratio of 0.16, a current ratio of 7.52 and a quick ratio of 7.52. Blueprint Medicines has a 12 month low of $44.58 and a 12 month high of $102.98. The business’s 50-day simple moving average is $96.06.

Blueprint Medicines (NASDAQ:BPMC) last issued its earnings results on Thursday, August 1st. The biotechnology company reported ($2.04) EPS for the quarter, missing the Thomson Reuters’ consensus estimate of ($1.92) by ($0.12). The business had revenue of $5.11 million for the quarter, compared to analyst estimates of $1.39 million. Blueprint Medicines had a negative return on equity of 73.73% and a negative net margin of 4,268.74%. The firm’s revenue was down 87.7% compared to the same quarter last year. During the same period in the previous year, the firm posted ($0.62) EPS. On average, sell-side analysts predict that Blueprint Medicines will post -8.1 earnings per share for the current year.

In other news, insider Ariel Hurley sold 2,733 shares of the company’s stock in a transaction that occurred on Thursday, June 13th. The stock was sold at an average price of $88.04, for a total value of $240,613.32. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, Director Alexis Borisy sold 21,818 shares of the company’s stock in a transaction that occurred on Thursday, June 27th. The shares were sold at an average price of $92.01, for a total value of $2,007,474.18. The disclosure for this sale can be found here. Insiders sold 113,378 shares of company stock valued at $10,264,022 in the last ninety days. 4.02% of the stock is currently owned by insiders.

Several institutional investors have recently added to or reduced their stakes in the company. FMR LLC increased its position in Blueprint Medicines by 5.3% during the 1st quarter. FMR LLC now owns 6,939,294 shares of the biotechnology company’s stock valued at $555,491,000 after purchasing an additional 346,738 shares during the period. OppenheimerFunds Inc. increased its position in Blueprint Medicines by 0.3% during the 1st quarter. OppenheimerFunds Inc. now owns 1,710,895 shares of the biotechnology company’s stock valued at $136,957,000 after purchasing an additional 5,720 shares during the period. Norges Bank acquired a new stake in Blueprint Medicines during the 4th quarter valued at approximately $42,705,000. Eagle Asset Management Inc. increased its position in Blueprint Medicines by 0.3% during the 1st quarter. Eagle Asset Management Inc. now owns 763,908 shares of the biotechnology company’s stock valued at $61,150,000 after purchasing an additional 2,639 shares during the period. Finally, Geode Capital Management LLC increased its position in Blueprint Medicines by 6.6% during the 4th quarter. Geode Capital Management LLC now owns 492,662 shares of the biotechnology company’s stock valued at $26,559,000 after purchasing an additional 30,499 shares during the period. 97.58% of the stock is owned by institutional investors.

Blueprint Medicines Company Profile

Blueprint Medicines Corporation develops drugs of small molecule kinase inhibitors that target genomic drivers in various cancers and a rare genetic disease. Its lead drug candidates include avapritinib, which completed Phase I clinical trials that targets PDGFRA Exon 18 mutant GIST and KIT-driven GIST; and BLU-554, which is in Phase I clinical trials an orally available, potent, and irreversible inhibitor of the kinase FGFR4 that is activated in a defined subset of patients with hepatocellular carcinoma.

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The Fly

Analyst Recommendations for Blueprint Medicines (NASDAQ:BPMC)

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