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

Blueprint Medicines Co. (NASDAQ:BPMC) was the recipient of a large increase in short interest in October. As of October 31st, there was short interest totalling 4,130,000 shares, an increase of 14.1% from the October 15th total of 3,620,000 shares. Based on an average trading volume of 607,600 shares, the days-to-cover ratio is presently 6.8 days.

Blueprint Medicines Trading Down 1.9 %

Shares of Blueprint Medicines stock opened at $87.00 on Monday. Blueprint Medicines has a 12-month low of $63.50 and a 12-month high of $121.90. The company has a market cap of $5.53 billion, a price-to-earnings ratio of -42.03 and a beta of 0.59. 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 company’s 50-day moving average price is $89.59 and its 200-day moving average price is $98.94.

Blueprint Medicines (NASDAQ:BPMC) last announced its quarterly earnings results on Wednesday, October 30th. The biotechnology company reported ($0.89) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.97) by $0.08. Blueprint Medicines had a negative net margin of 29.48% and a negative return on equity of 112.30%. The firm had revenue of $128.20 million for the quarter, compared to the consensus estimate of $127.56 million. During the same period in the prior year, the firm posted ($2.20) earnings per share. The company’s revenue for the quarter was up 126.5% on a year-over-year basis. On average, equities analysts expect that Blueprint Medicines will post -3.61 earnings per share for the current fiscal year.

Insider Transactions at Blueprint Medicines

In other 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 value of $324,499.56. Following the completion of the sale, the insider now owns 69,070 shares in the company, valued at $6,169,332.40. This represents a 5.00 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Company insiders own 4.21% of the company’s stock.

Institutional Investors Weigh In On Blueprint Medicines

A number of institutional investors and hedge funds have recently modified their holdings of BPMC. Hsbc Holdings PLC bought a new position in shares of Blueprint Medicines in the second quarter worth approximately $1,060,000. Comerica Bank increased its position in shares of Blueprint Medicines by 2,582.9% in 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 last quarter. Federated Hermes Inc. increased its position 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 worth $6,721,000 after purchasing an additional 13,579 shares during the last quarter. SG Americas Securities LLC increased 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 worth $2,337,000 after purchasing an additional 9,819 shares during the last quarter. Finally, Vanguard Group Inc. increased its position in shares of Blueprint Medicines by 3.2% in the first quarter. Vanguard Group Inc. now owns 6,309,977 shares of the biotechnology company’s stock worth $598,564,000 after purchasing an additional 195,007 shares during the last quarter.

Analysts Set New Price Targets

A number of brokerages recently weighed in on BPMC. JPMorgan Chase & Co. began coverage on shares of Blueprint Medicines in a report on Thursday. They issued an “overweight” rating and a $126.00 price target on the stock. Guggenheim boosted their price target on shares of Blueprint Medicines from $130.00 to $138.00 and gave the stock a “buy” rating in a report on Friday, August 2nd. Barclays boosted their price target on shares of Blueprint Medicines from $75.00 to $105.00 and gave the stock an “equal weight” rating in a report on Monday, July 29th. StockNews.com raised shares of Blueprint Medicines from a “sell” rating to a “hold” rating in a report on Friday, November 8th. Finally, Robert W. Baird boosted their price target on shares of Blueprint Medicines from $112.00 to $127.00 and gave the stock an “outperform” rating in a report on Friday, August 2nd. One equities research analyst has rated the stock with a sell rating, seven have assigned a hold rating, twelve have assigned a buy rating and two have issued a strong buy rating to the company’s stock. According to data from MarketBeat, Blueprint Medicines has a consensus rating of “Moderate Buy” and a consensus price target of $122.11.

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.