Raymond James Trims Blueprint Medicines (NASDAQ:BPMC) Target Price to $115.00

Blueprint Medicines (NASDAQ:BPMCGet Rating) had its target price cut by Raymond James from $133.00 to $115.00 in a research note released on Wednesday morning, Benzinga reports. They currently have a strong-buy rating on the biotechnology company’s stock.

Several other equities analysts also recently commented on BPMC. SVB Leerink upped their target price on Blueprint Medicines from $56.00 to $65.00 and gave the company a market perform rating in a research report on Wednesday. Robert W. Baird decreased their target price on Blueprint Medicines from $123.00 to $96.00 in a research report on Wednesday, May 4th. Wells Fargo & Company initiated coverage on Blueprint Medicines in a research report on Monday, June 27th. They issued an underweight rating and a $40.00 target price on the stock. Piper Sandler decreased their target price on Blueprint Medicines from $65.00 to $59.00 in a research report on Tuesday. Finally, Morgan Stanley cut their price target on Blueprint Medicines from $92.00 to $65.00 and set an equal weight rating for the company in a research note on Tuesday, June 14th. Two equities research analysts have rated the stock with a sell rating, four have issued a hold rating, seven have issued a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat, the stock currently has a consensus rating of Moderate Buy and a consensus price target of $91.47.

Blueprint Medicines Price Performance

Shares of NASDAQ BPMC opened at $68.14 on Wednesday. The business’s 50 day moving average price is $54.16 and its two-hundred day moving average price is $61.29. Blueprint Medicines has a twelve month low of $43.46 and a twelve month high of $117.86.

Blueprint Medicines (NASDAQ:BPMCGet Rating) last announced its quarterly earnings results on Tuesday, August 2nd. The biotechnology company reported ($2.68) earnings per share for the quarter, missing analysts’ consensus estimates of ($2.23) by ($0.45). Blueprint Medicines had a negative return on equity of 45.89% and a negative net margin of 304.41%. The business had revenue of $36.55 million for the quarter, compared to analyst estimates of $37.61 million. During the same period last year, the firm earned ($1.86) EPS. Blueprint Medicines’s quarterly revenue was up 33.9% compared to the same quarter last year. As a group, equities research analysts expect that Blueprint Medicines will post -9.11 EPS for the current fiscal year.

Insiders Place Their Bets

In other Blueprint Medicines news, insider Percy H. Carter sold 1,908 shares of the company’s stock in a transaction on Monday, June 6th. The stock was sold at an average price of $59.76, for a total transaction of $114,022.08. Following the completion of the sale, the insider now directly owns 28,685 shares in the company, valued at $1,714,215.60. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Corporate insiders own 3.34% of the company’s stock.

Institutional Inflows and Outflows

A number of large investors have recently modified their holdings of BPMC. Cadian Capital Management LP lifted its stake in shares of Blueprint Medicines by 326.3% in the 1st quarter. Cadian Capital Management LP now owns 1,921,347 shares of the biotechnology company’s stock valued at $122,736,000 after acquiring an additional 1,470,690 shares during the last quarter. Marshall Wace LLP lifted its stake in shares of Blueprint Medicines by 3,407.4% in the 4th quarter. Marshall Wace LLP now owns 950,682 shares of the biotechnology company’s stock valued at $101,827,000 after acquiring an additional 923,577 shares during the last quarter. Farallon Capital Management LLC lifted its stake in shares of Blueprint Medicines by 67.2% in the 1st quarter. Farallon Capital Management LLC now owns 1,356,987 shares of the biotechnology company’s stock valued at $86,684,000 after acquiring an additional 545,240 shares during the last quarter. State Street Corp lifted its stake in shares of Blueprint Medicines by 30.9% in the 1st quarter. State Street Corp now owns 2,266,894 shares of the biotechnology company’s stock valued at $144,809,000 after acquiring an additional 535,424 shares during the last quarter. Finally, Wellington Management Group LLP lifted its stake in shares of Blueprint Medicines by 12.4% in the 1st quarter. Wellington Management Group LLP now owns 3,908,944 shares of the biotechnology company’s stock valued at $249,703,000 after acquiring an additional 431,619 shares during the last quarter. 99.69% of the stock is currently owned by institutional investors.

About Blueprint Medicines

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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 non-advanced SM and other mast cell disorders; and Fisogatinib, an orally available and potent inhibitor for the treatment of hepatocellular carcinoma.

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