Readystate Asset Management LP Buys New Position in Blueprint Medicines Co. (NASDAQ:BPMC)

Readystate Asset Management LP bought a new stake in shares of Blueprint Medicines Co. (NASDAQ:BPMC) during the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor bought 40,028 shares of the biotechnology company’s stock, valued at approximately $3,692,000.

Other hedge funds also recently added to or reduced their stakes in the company. Price T Rowe Associates Inc. MD increased its holdings in shares of Blueprint Medicines by 15.1% in 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 during the period. Norges Bank acquired a new position in shares of Blueprint Medicines in the fourth quarter valued at about $27,778,000. Polar Capital Holdings Plc increased its holdings in shares of Blueprint Medicines by 108.0% in the third quarter. Polar Capital Holdings Plc now owns 1,040,000 shares of the biotechnology company’s stock valued at $52,229,000 after purchasing an additional 540,000 shares during the period. State Street Corp grew its holdings 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 worth $144,809,000 after acquiring an additional 535,424 shares during the period. Finally, Marshall Wace LLP acquired a new stake in Blueprint Medicines during the fourth quarter worth about $23,195,000.

Blueprint Medicines Price Performance

Shares of NASDAQ BPMC traded up $2.29 during midday trading on Wednesday, hitting $88.38. The stock had a trading volume of 728,290 shares, compared to its average volume of 765,951. The company has a market capitalization of $5.41 billion, a PE ratio of -10.57 and a beta of 0.63. The stock has a 50 day simple moving average of $89.22 and a 200-day simple moving average of $76.96. Blueprint Medicines Co. has a 1 year low of $43.89 and a 1 year high of $101.00. The company has a quick ratio of 3.66, a current ratio of 3.76 and a debt-to-equity ratio of 1.60.

Blueprint Medicines (NASDAQ:BPMC) last released its earnings results on Thursday, February 15th. The biotechnology company reported ($1.82) earnings per share for the quarter, beating the consensus estimate of ($2.04) by $0.22. The business had revenue of $71.96 million for the quarter, compared to the consensus estimate of $67.34 million. Blueprint Medicines had a negative return on equity of 191.56% and a negative net margin of 203.30%. The business’s quarterly revenue was up 85.5% compared to the same quarter last year. During the same quarter last year, the business posted ($2.65) earnings per share. On average, sell-side analysts expect that Blueprint Medicines Co. will post -5.42 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

Several research firms recently commented on BPMC. Raymond James raised their target price on Blueprint Medicines from $85.00 to $100.00 and gave the stock a “strong-buy” rating in a report on Friday, December 22nd. Wells Fargo & Company raised their target price on Blueprint Medicines from $86.00 to $115.00 and gave the stock an “overweight” rating in a report on Tuesday, December 19th. Stifel Nicolaus raised their target price on Blueprint Medicines from $95.00 to $97.00 and gave the stock a “buy” rating in a report on Tuesday, January 9th. Barclays increased their price target on Blueprint Medicines from $58.00 to $70.00 and gave the stock an “equal weight” rating in a research report on Tuesday, February 13th. Finally, Wedbush reiterated an “outperform” rating and set a $97.00 price target on shares of Blueprint Medicines in a research report on Monday, February 5th. Four analysts have rated the stock with a sell rating, two have given a hold rating, eight have given a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat.com, the company presently has a consensus rating of “Hold” and an average price target of $85.43.

Insider Activity

In related news, insider Christopher K. Murray sold 5,000 shares of Blueprint Medicines stock in a transaction that occurred on Wednesday, February 28th. The stock was sold at an average price of $100.00, for a total transaction of $500,000.00. Following the transaction, the insider now owns 24,495 shares in the company, valued at $2,449,500. The sale was disclosed in a document filed with the SEC, which is accessible through this link. In related news, insider Christopher K. Murray sold 5,000 shares of Blueprint Medicines stock in a transaction that occurred on Wednesday, February 28th. The stock was sold at an average price of $100.00, for a total transaction of $500,000.00. Following the transaction, the insider now owns 24,495 shares in the company, valued at $2,449,500. The sale was disclosed in a document filed with the SEC, which is accessible through this link. Also, insider Christopher K. Murray sold 621 shares of Blueprint Medicines stock in a transaction that occurred on Monday, March 4th. The stock was sold at an average price of $93.65, for a total value of $58,156.65. Following the transaction, the insider now owns 36,374 shares in the company, valued at approximately $3,406,425.10. The disclosure for this sale can be found here. Insiders have sold a total of 117,289 shares of company stock worth $10,361,913 over the last quarter. 3.88% of the stock is currently owned by corporate insiders.

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.