Blueprint Medicines (NASDAQ:BPMC) Shares Gap Up Following Earnings Beat

Blueprint Medicines Co. (NASDAQ:BPMC)’s share price gapped up prior to trading on Wednesday following a stronger than expected earnings report. The stock had previously closed at $83.40, but opened at $90.92. Blueprint Medicines shares last traded at $93.69, with a volume of 407,216 shares changing hands.

The biotechnology company reported ($0.89) earnings per share for the quarter, topping the consensus estimate of ($0.97) by $0.08. Blueprint Medicines had a negative net margin of 56.64% and a negative return on equity of 157.30%. The company had revenue of $128.20 million for the quarter, compared to analyst estimates of $127.56 million. During the same period last year, the business posted ($2.20) earnings per share. The business’s revenue for the quarter was up 126.5% compared to the same quarter last year.

Wall Street Analysts Forecast Growth

A number of research firms have issued reports on BPMC. Oppenheimer boosted their target price on Blueprint Medicines from $114.00 to $125.00 and gave the company an “outperform” rating in a research note on Monday, July 8th. Wells Fargo & Company decreased their price objective on Blueprint Medicines from $153.00 to $151.00 and set an “overweight” rating for the company in a research report on Thursday. StockNews.com downgraded shares of Blueprint Medicines from a “hold” rating to a “sell” rating in a report on Thursday. UBS Group assumed coverage on shares of Blueprint Medicines in a report on Thursday, October 24th. They issued a “neutral” rating and a $88.00 price target for the company. Finally, Morgan Stanley raised their price objective on shares of Blueprint Medicines from $110.00 to $115.00 and gave the stock an “equal weight” rating in a report on Friday, July 12th. Two analysts have rated the stock with a sell rating, six have given a hold rating, eleven have assigned a buy rating and two have assigned a strong buy rating to the stock. According to MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $120.39.

Insider Buying and Selling at Blueprint Medicines

In other news, insider Fouad Namouni sold 3,633 shares of the stock in a transaction that occurred on Thursday, October 3rd. The stock was sold at an average price of $89.32, for a total value of $324,499.56. Following the completion of the sale, the insider now owns 69,070 shares of the company’s stock, valued at approximately $6,169,332.40. This represents a 0.00 % decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. In other Blueprint Medicines news, insider Fouad Namouni sold 3,633 shares of the company’s stock in a transaction on Thursday, October 3rd. The shares were sold at an average price of $89.32, for a total transaction of $324,499.56. Following the sale, the insider now directly owns 69,070 shares of the company’s stock, valued at approximately $6,169,332.40. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, insider Philina Lee sold 41,913 shares of the stock in a transaction on Monday, August 5th. The shares were sold at an average price of $93.19, for a total transaction of $3,905,872.47. Following the completion of the sale, the insider now owns 34,729 shares of the company’s stock, valued at approximately $3,236,395.51. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Corporate insiders own 4.21% of the company’s stock.

Hedge Funds Weigh In On Blueprint Medicines

Institutional investors have recently bought and sold shares of the business. Susquehanna Fundamental Investments LLC acquired a new stake in shares of Blueprint Medicines in the first quarter valued at approximately $474,000. Hsbc Holdings PLC acquired a new stake in Blueprint Medicines during the 2nd quarter valued at $1,060,000. Comerica Bank boosted its position in Blueprint Medicines by 2,582.9% during the first quarter. Comerica Bank now owns 10,839 shares of the biotechnology company’s stock worth $1,028,000 after purchasing an additional 10,435 shares during the period. Federated Hermes Inc. increased its holdings in shares of Blueprint Medicines by 27.8% in the second quarter. Federated Hermes Inc. now owns 62,354 shares of the biotechnology company’s stock valued at $6,721,000 after purchasing an additional 13,579 shares during the last quarter. Finally, SG Americas Securities LLC raised its position in shares of Blueprint Medicines by 82.8% in the second quarter. SG Americas Securities LLC now owns 21,684 shares of the biotechnology company’s stock valued at $2,337,000 after purchasing an additional 9,819 shares during the period.

Blueprint Medicines Trading Down 1.9 %

The company has a market cap of $5.48 billion, a price-to-earnings ratio of -18.19 and a beta of 0.58. The company has a current ratio of 3.71, a quick ratio of 3.65 and a debt-to-equity ratio of 1.06. The business’s 50 day moving average price is $88.86 and its 200-day moving average price is $98.35.

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.