Blueprint Medicines Corporation (BPMC) Receives Buy Rating from Canaccord Genuity

Canaccord Genuity reiterated their buy rating on shares of Blueprint Medicines Corporation (NASDAQ:BPMC) in a report released on Wednesday. The firm currently has a $80.00 price objective on the biotechnology company’s stock, up from their previous price objective of $66.00.

Other equities analysts also recently issued research reports about the stock. Zacks Investment Research downgraded shares of Blueprint Medicines Corporation from a hold rating to a sell rating in a research note on Friday, August 4th. Cowen and Company reissued a buy rating on shares of Blueprint Medicines Corporation in a research note on Tuesday. Morgan Stanley lifted their target price on shares of Blueprint Medicines Corporation from $45.00 to $78.00 and gave the stock an overweight rating in a research note on Monday, October 23rd. BTIG Research began coverage on shares of Blueprint Medicines Corporation in a research note on Friday, September 29th. They set a buy rating and a $90.00 target price for the company. Finally, Goldman Sachs Group, Inc. (The) reissued a buy rating and set a $79.00 target price (up previously from $64.00) on shares of Blueprint Medicines Corporation in a research note on Wednesday, September 20th. One equities research analyst has rated the stock with a hold rating and ten have assigned a buy rating to the company. The stock currently has an average rating of Buy and an average target price of $68.69.

Blueprint Medicines Corporation (NASDAQ:BPMC) last announced its earnings results on Tuesday, October 31st. The biotechnology company reported ($0.96) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.90) by ($0.06). Blueprint Medicines Corporation had a negative return on equity of 46.57% and a negative net margin of 437.83%. The firm had revenue of $8.07 million for the quarter, compared to the consensus estimate of $5.35 million. During the same period in the prior year, the business earned ($0.62) EPS. Blueprint Medicines Corporation’s quarterly revenue was up 31.0% on a year-over-year basis.

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In other Blueprint Medicines Corporation news, insider Kate Haviland sold 6,356 shares of Blueprint Medicines Corporation stock in a transaction on Monday, September 18th. The shares were sold at an average price of $60.03, for a total value of $381,550.68. Following the completion of the sale, the insider now directly owns 6,356 shares of the company’s stock, valued at $381,550.68. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, CEO Jeffrey W. Albers sold 20,000 shares of Blueprint Medicines Corporation stock in a transaction on Monday, August 7th. The shares were sold at an average price of $49.08, for a total transaction of $981,600.00. Following the completion of the sale, the chief executive officer now directly owns 18,272 shares of the company’s stock, valued at $896,789.76. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 69,305 shares of company stock valued at $3,606,782. Insiders own 3.40% of the company’s stock.

Institutional investors and hedge funds have recently bought and sold shares of the business. Rockefeller Financial Services Inc. bought a new stake in Blueprint Medicines Corporation in the third quarter valued at $160,000. Ameritas Investment Partners Inc. increased its stake in Blueprint Medicines Corporation by 68.9% in the second quarter. Ameritas Investment Partners Inc. now owns 3,410 shares of the biotechnology company’s stock valued at $173,000 after purchasing an additional 1,391 shares in the last quarter. UBS Asset Management Americas Inc. bought a new stake in Blueprint Medicines Corporation in the first quarter valued at $201,000. Fred Alger Management Inc. bought a new stake in Blueprint Medicines Corporation in the second quarter valued at $203,000. Finally, SG Americas Securities LLC increased its stake in Blueprint Medicines Corporation by 23.3% in the second quarter. SG Americas Securities LLC now owns 4,113 shares of the biotechnology company’s stock valued at $208,000 after purchasing an additional 778 shares in the last quarter. 90.64% of the stock is owned by hedge funds and other institutional investors.

About Blueprint Medicines Corporation

Blueprint Medicines Corporation is a biopharmaceutical company. The Company focuses on patients with genomically defined diseases driven by abnormal kinase activation. It focuses on crafting drug candidates that provide clinical responses to patients without adequate treatment options. It has developed a small molecule drug pipeline in cancer and a genetic disease.

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