Blueprint Medicines (NASDAQ:BPMC) Sees Strong Trading Volume – Here’s Why

Blueprint Medicines Co. (NASDAQ:BPMC) saw unusually-strong trading volume on Tuesday . Approximately 1,145,293 shares traded hands during trading, an increase of 0% from the previous session’s volume of 1,139,685 shares.The stock last traded at $127.86 and had previously closed at $127.97.

Analysts Set New Price Targets

BPMC has been the subject of a number of research analyst reports. Wedbush cut Blueprint Medicines from an “outperform” rating to a “neutral” rating and raised their price target for the company from $128.00 to $129.00 in a research report on Monday, June 2nd. Citigroup upgraded shares of Blueprint Medicines from a “strong sell” rating to a “hold” rating and raised their target price for the company from $83.00 to $129.00 in a report on Wednesday, June 4th. Wolfe Research cut shares of Blueprint Medicines from a “strong-buy” rating to a “hold” rating in a research report on Tuesday, June 3rd. Guggenheim set a $132.00 price target on shares of Blueprint Medicines in a research report on Tuesday, June 3rd. Finally, Scotiabank cut shares of Blueprint Medicines from a “strong-buy” rating to a “sector perform” rating and set a $135.00 price objective for the company. in a research note on Monday, June 2nd. Seventeen investment analysts have rated the stock with a hold rating, five have given a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat, Blueprint Medicines currently has a consensus rating of “Hold” and an average price target of $129.35.

Blueprint Medicines Price Performance

The company has a 50 day simple moving average of $96.35 and a 200 day simple moving average of $96.11. The company has a market capitalization of $8.25 billion, a price-to-earnings ratio of -118.33 and a beta of 0.84. The company has a quick ratio of 2.80, a current ratio of 2.85 and a debt-to-equity ratio of 1.15.

Blueprint Medicines (NASDAQ:BPMC) last posted its earnings results on Thursday, May 1st. The biotechnology company reported ($0.74) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.42) by ($0.32). Blueprint Medicines had a negative return on equity of 77.49% and a negative net margin of 13.19%. The business had revenue of $149.41 million for the quarter, compared to analyst estimates of $158.31 million. During the same period last year, the company posted $1.40 EPS. The firm’s revenue for the quarter was up 55.5% compared to the same quarter last year. As a group, research analysts predict that Blueprint Medicines Co. will post -1.28 EPS for the current year.

Insiders Place Their Bets

In related news, COO Christina Rossi sold 2,274 shares of the firm’s stock in a transaction dated Monday, May 5th. The stock was sold at an average price of $101.75, for a total transaction of $231,379.50. Following the sale, the chief operating officer now directly owns 66,992 shares in the company, valued at approximately $6,816,436. This trade represents a 3.28% decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, Director Jeffrey W. Albers sold 5,000 shares of the stock in a transaction that occurred on Tuesday, May 27th. The shares were sold at an average price of $101.14, for a total transaction of $505,700.00. Following the completion of the sale, the director now directly owns 146,630 shares of the company’s stock, valued at $14,830,158.20. This trade represents a 3.30% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 14,574 shares of company stock worth $1,465,528 over the last quarter. 4.21% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Blueprint Medicines

A number of institutional investors have recently added to or reduced their stakes in BPMC. Stephens Inc. AR purchased a new stake in shares of Blueprint Medicines during the fourth quarter worth about $321,000. Values First Advisors Inc. raised its holdings in Blueprint Medicines by 277.9% in the fourth quarter. Values First Advisors Inc. now owns 4,970 shares of the biotechnology company’s stock valued at $433,000 after acquiring an additional 3,655 shares in the last quarter. Van ECK Associates Corp raised its stake in Blueprint Medicines by 48.2% during the fourth quarter. Van ECK Associates Corp now owns 1,116 shares of the biotechnology company’s stock valued at $97,000 after buying an additional 363 shares in the last quarter. Asset Management One Co. Ltd. bought a new position in Blueprint Medicines during the 4th quarter worth approximately $88,000. Finally, State of New Jersey Common Pension Fund D grew its position in shares of Blueprint Medicines by 12.2% in the 4th quarter. State of New Jersey Common Pension Fund D now owns 25,626 shares of the biotechnology company’s stock worth $2,235,000 after acquiring an additional 2,780 shares in the last quarter.

Blueprint Medicines Company 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.