Blueprint Medicines (NASDAQ:BPMC) Shares Gap Down – What’s Next?

Shares of Blueprint Medicines Co. (NASDAQ:BPMC) gapped down before the market opened on Thursday . The stock had previously closed at $103.56, but opened at $95.00. Blueprint Medicines shares last traded at $96.61, with a volume of 567,493 shares traded.

Analysts Set New Price Targets

BPMC has been the topic of several research analyst reports. StockNews.com raised shares of Blueprint Medicines from a “sell” rating to a “hold” rating in a research report on Friday, November 8th. HC Wainwright reissued a “buy” rating and issued a $135.00 price target on shares of Blueprint Medicines in a report on Friday, November 15th. Needham & Company LLC restated a “buy” rating and set a $133.00 price objective on shares of Blueprint Medicines in a report on Thursday. JMP Securities reaffirmed a “market outperform” rating and issued a $125.00 target price on shares of Blueprint Medicines in a research report on Wednesday, January 15th. Finally, Piper Sandler lifted their price target on Blueprint Medicines from $109.00 to $119.00 and gave the stock a “neutral” rating in a report on Monday, January 27th. One analyst has rated the stock with a sell rating, seven have given a hold rating, twelve have issued a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average target price of $123.61.

Blueprint Medicines Stock Performance

The firm has a market capitalization of $6.11 billion, a price-to-earnings ratio of -45.63 and a beta of 0.62. The company has a current ratio of 3.32, a quick ratio of 3.27 and a debt-to-equity ratio of 1.09. The stock’s 50-day moving average is $99.65 and its 200-day moving average is $94.77.

Blueprint Medicines (NASDAQ:BPMC) last announced its quarterly earnings results on Thursday, February 20th. The biotechnology company reported ($0.79) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.68) by ($0.11). Blueprint Medicines had a negative return on equity of 112.30% and a negative net margin of 29.48%. On average, analysts predict that Blueprint Medicines Co. will post -3.63 EPS for the current fiscal year.

Insider Buying and Selling at Blueprint Medicines

In related news, COO Christina Rossi sold 2,274 shares of Blueprint Medicines stock in a transaction that occurred on Wednesday, November 27th. The stock was sold at an average price of $95.10, for a total value of $216,257.40. Following the transaction, the chief operating officer now directly owns 71,657 shares of the company’s stock, valued at $6,814,580.70. The trade was a 3.08 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CEO Kate Haviland sold 2,353 shares of the firm’s stock in a transaction that occurred on Friday, November 29th. The stock was sold at an average price of $96.60, for a total transaction of $227,299.80. Following the transaction, the chief executive officer now owns 150,824 shares of the company’s stock, valued at approximately $14,569,598.40. The trade was a 1.54 % decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders sold 49,851 shares of company stock worth $4,984,696. 4.21% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

Hedge funds have recently made changes to their positions in the business. Quarry LP acquired a new stake in Blueprint Medicines during the third quarter worth approximately $32,000. R Squared Ltd bought a new position in shares of Blueprint Medicines during the 4th quarter worth approximately $51,000. Covestor Ltd grew its position in shares of Blueprint Medicines by 206.7% during the 3rd quarter. Covestor Ltd now owns 598 shares of the biotechnology company’s stock worth $55,000 after buying an additional 403 shares during the period. Headlands Technologies LLC bought a new stake in shares of Blueprint Medicines in the 4th quarter valued at $65,000. Finally, Asset Management One Co. Ltd. acquired a new position in shares of Blueprint Medicines during the 4th quarter valued at $88,000.

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.