Blueprint Medicines Co. (NASDAQ:BPMC) Sees Large Growth in Short Interest

Blueprint Medicines Co. (NASDAQ:BPMC) saw a large increase in short interest in the month of November. As of November 30th, there was short interest totalling 4,190,000 shares, an increase of 7.2% from the November 15th total of 3,910,000 shares. Based on an average daily volume of 628,200 shares, the days-to-cover ratio is presently 6.7 days.

Wall Street Analyst Weigh In

BPMC has been the topic of a number of recent analyst reports. JPMorgan Chase & Co. started coverage on Blueprint Medicines in a report on Thursday, November 14th. They set an “overweight” rating and a $126.00 price target on the stock. UBS Group assumed coverage on Blueprint Medicines in a research note on Thursday, October 24th. They set a “neutral” rating and a $88.00 target price on the stock. Guggenheim restated a “buy” rating on shares of Blueprint Medicines in a research note on Wednesday. Wells Fargo & Company reduced their price objective on shares of Blueprint Medicines from $153.00 to $151.00 and set an “overweight” rating on the stock in a research report on Thursday, October 31st. Finally, StockNews.com upgraded shares of Blueprint Medicines from a “sell” rating to a “hold” rating in a research report on Friday, November 8th. One investment analyst has rated the stock with a sell rating, seven have issued a hold rating, twelve have issued a buy rating and two have assigned a strong buy rating to the stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $122.11.

Insider Buying and Selling

In other Blueprint Medicines news, CEO Kate Haviland sold 2,353 shares of the company’s stock in a transaction that occurred on Friday, November 29th. The shares were sold at an average price of $96.60, for a total value of $227,299.80. Following the completion of the transaction, the chief executive officer now directly owns 150,824 shares in the company, valued at $14,569,598.40. This represents a 1.54 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, insider Fouad Namouni sold 3,633 shares of the firm’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 owns 69,070 shares in the company, valued at $6,169,332.40. The trade was a 5.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders have sold 8,260 shares of company stock valued at $768,057. 4.21% of the stock is owned by company insiders.

Institutional Investors Weigh In On Blueprint Medicines

Institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Quarry LP bought a new position in Blueprint Medicines in the 3rd quarter worth about $32,000. Covestor Ltd grew its stake in Blueprint Medicines by 206.7% in the third quarter. Covestor Ltd now owns 598 shares of the biotechnology company’s stock worth $55,000 after purchasing an additional 403 shares in the last quarter. CWM LLC increased its holdings in Blueprint Medicines by 114.6% during the 2nd quarter. CWM LLC now owns 1,105 shares of the biotechnology company’s stock worth $119,000 after purchasing an additional 590 shares during the period. Van ECK Associates Corp raised its position in Blueprint Medicines by 13.3% during the 2nd quarter. Van ECK Associates Corp now owns 1,116 shares of the biotechnology company’s stock valued at $120,000 after purchasing an additional 131 shares in the last quarter. Finally, Quantbot Technologies LP purchased a new stake in shares of Blueprint Medicines in the 3rd quarter worth $108,000.

Blueprint Medicines Trading Up 0.7 %

Shares of BPMC traded up $0.61 during mid-day trading on Friday, reaching $93.19. 794,125 shares of the company’s stock traded hands, compared to its average volume of 686,939. Blueprint Medicines has a 12 month low of $72.24 and a 12 month high of $121.90. The company has a debt-to-equity ratio of 1.09, a current ratio of 3.32 and a quick ratio of 3.27. The stock has a market cap of $5.92 billion, a P/E ratio of -44.17 and a beta of 0.59. The stock’s 50-day moving average is $92.03 and its two-hundred day moving average is $97.47.

Blueprint Medicines (NASDAQ:BPMC) last released its earnings results on Wednesday, October 30th. The biotechnology company reported ($0.89) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.97) by $0.08. Blueprint Medicines had a negative return on equity of 112.30% and a negative net margin of 29.48%. The business had revenue of $128.20 million for the quarter, compared to analyst estimates of $127.56 million. During the same quarter last year, the firm posted ($2.20) earnings per share. The business’s revenue was up 126.5% compared to the same quarter last year. Research analysts forecast that Blueprint Medicines will post -3.68 earnings per share for the current fiscal year.

About Blueprint Medicines

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.