Blueprint Medicines Co. (NASDAQ:BPMC – Free Report) – Equities researchers at SVB Leerink increased their Q2 2023 earnings per share estimates for Blueprint Medicines in a research report issued on Wednesday, July 26th. SVB Leerink analyst A. Berens now anticipates that the biotechnology company will post earnings of ($2.51) per share for the quarter, up from their prior estimate of ($2.53). SVB Leerink has a “Underperform” rating on the stock. The consensus estimate for Blueprint Medicines’ current full-year earnings is ($9.54) per share. SVB Leerink also issued estimates for Blueprint Medicines’ Q3 2023 earnings at ($2.45) EPS, Q4 2023 earnings at ($2.42) EPS, FY2023 earnings at ($9.53) EPS, FY2024 earnings at ($6.96) EPS, FY2025 earnings at ($5.02) EPS and FY2026 earnings at ($2.28) EPS.
BPMC has been the topic of a number of other reports. Morgan Stanley reiterated an “equal weight” rating and set a $55.00 price objective on shares of Blueprint Medicines in a research note on Friday, July 14th. Wells Fargo & Company upped their target price on Blueprint Medicines from $48.00 to $55.00 in a research note on Wednesday, June 14th. Barclays upped their target price on Blueprint Medicines from $44.00 to $46.00 in a research note on Tuesday, May 23rd. SVB Securities lowered Blueprint Medicines from a “market perform” rating to an “underperform” rating and decreased their target price for the stock from $48.00 to $43.00 in a research note on Monday, June 5th. Finally, Guggenheim upped their target price on Blueprint Medicines from $78.00 to $82.00 in a research note on Tuesday, May 23rd. Three analysts have rated the stock with a sell rating, four have given a hold rating, eight have assigned a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat.com, the company has a consensus rating of “Hold” and an average target price of $75.94.
Blueprint Medicines Stock Up 5.7 %
Blueprint Medicines (NASDAQ:BPMC – Get Free Report) last issued its earnings results on Thursday, May 4th. The biotechnology company reported ($2.15) earnings per share for the quarter, topping analysts’ consensus estimates of ($2.66) by $0.51. The business had revenue of $63.29 million during the quarter, compared to the consensus estimate of $41.85 million. Blueprint Medicines had a negative return on equity of 100.31% and a negative net margin of 284.02%. The firm’s revenue for the quarter was up .9% on a year-over-year basis. During the same period in the previous year, the company posted ($1.79) earnings per share.
Insiders Place Their Bets
In other Blueprint Medicines news, insider Percy H. Carter sold 2,307 shares of Blueprint Medicines stock in a transaction on Monday, June 5th. The stock was sold at an average price of $52.06, for a total value of $120,102.42. Following the completion of the sale, the insider now owns 38,117 shares of the company’s stock, valued at approximately $1,984,371.02. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Corporate insiders own 3.88% of the company’s stock.
Hedge Funds Weigh In On Blueprint Medicines
Institutional investors and hedge funds have recently modified their holdings of the company. Price T Rowe Associates Inc. MD lifted its position in Blueprint Medicines by 15.1% during the first quarter. Price T Rowe Associates Inc. MD now owns 4,948,434 shares of the biotechnology company’s stock valued at $222,631,000 after purchasing an additional 649,144 shares in the last quarter. Norges Bank purchased a new position in Blueprint Medicines during the fourth quarter valued at $27,778,000. State Street Corp lifted its position in Blueprint Medicines by 30.9% during the first quarter. State Street Corp now owns 2,266,894 shares of the biotechnology company’s stock valued at $144,809,000 after purchasing an additional 535,424 shares in the last quarter. Marshall Wace LLP purchased a new position in Blueprint Medicines during the fourth quarter valued at $23,195,000. Finally, Wellington Management Group LLP lifted its position in Blueprint Medicines by 12.4% during the first quarter. Wellington Management Group LLP now owns 3,908,944 shares of the biotechnology company’s stock valued at $249,703,000 after purchasing an additional 431,619 shares in the last quarter.
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; and Fisogatinib.
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