Pallas Capital Advisors LLC Boosts Stock Position in Blueprint Medicines Co. (NASDAQ:BPMC)

Pallas Capital Advisors LLC grew its stake in shares of Blueprint Medicines Co. (NASDAQ:BPMC) by 4.8% in the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 5,481 shares of the biotechnology company’s stock after acquiring an additional 252 shares during the period. Pallas Capital Advisors LLC’s holdings in Blueprint Medicines were worth $622,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors also recently modified their holdings of the company. Strs Ohio lifted its position in shares of Blueprint Medicines by 94.3% during the fourth quarter. Strs Ohio now owns 6,800 shares of the biotechnology company’s stock worth $627,000 after purchasing an additional 3,300 shares during the last quarter. Zurcher Kantonalbank Zurich Cantonalbank raised its stake in Blueprint Medicines by 10.9% during the fourth quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 13,369 shares of the biotechnology company’s stock valued at $1,233,000 after buying an additional 1,314 shares in the last quarter. Federated Hermes Inc. bought a new position in Blueprint Medicines during the 4th quarter worth approximately $2,218,000. Xponance Inc. acquired a new position in shares of Blueprint Medicines in the 4th quarter worth approximately $378,000. Finally, Semanteon Capital Management LP bought a new stake in shares of Blueprint Medicines in the 4th quarter valued at approximately $1,177,000.

Blueprint Medicines Stock Up 0.8 %

Shares of BPMC traded up $0.76 during midday trading on Wednesday, reaching $93.96. 72,748 shares of the stock were exchanged, compared to its average volume of 718,865. The company has a market cap of $5.88 billion, a price-to-earnings ratio of -19.74 and a beta of 0.63. The firm has a 50 day simple moving average of $106.20 and a 200-day simple moving average of $98.31. Blueprint Medicines Co. has a 12-month low of $43.89 and a 12-month high of $121.90. The company has a quick ratio of 3.61, a current ratio of 3.76 and a debt-to-equity ratio of 0.67.

Blueprint Medicines (NASDAQ:BPMC) last released its quarterly earnings results on Thursday, August 1st. The biotechnology company reported ($0.80) earnings per share for the quarter, beating analysts’ consensus estimates of ($1.29) by $0.49. Blueprint Medicines had a negative net margin of 56.64% and a negative return on equity of 176.65%. The business had revenue of $138.20 million for the quarter, compared to the consensus estimate of $104.02 million. During the same quarter last year, the firm earned ($2.19) EPS. Blueprint Medicines’s revenue for the quarter was up 139.9% on a year-over-year basis. Research analysts forecast that Blueprint Medicines Co. will post -4.67 EPS for the current year.

Analyst Upgrades and Downgrades

Several brokerages recently issued reports on BPMC. The Goldman Sachs Group raised their price objective on Blueprint Medicines from $121.00 to $168.00 and gave the stock a “buy” rating in a research note on Monday, May 6th. JMP Securities reiterated a “market outperform” rating and set a $125.00 price objective on shares of Blueprint Medicines in a research note on Friday, June 7th. Guggenheim lifted their target price on Blueprint Medicines from $130.00 to $138.00 and gave the company a “buy” rating in a research note on Friday, August 2nd. Barclays boosted their price objective on Blueprint Medicines from $75.00 to $105.00 and gave the company an “equal weight” rating in a research report on Monday, July 29th. Finally, Citigroup raised their target price on Blueprint Medicines from $65.00 to $76.00 and gave the company a “sell” rating in a research note on Friday, May 3rd. One equities research analyst has rated the stock with a sell rating, six have issued a hold rating, eleven have assigned a buy rating and two have given a strong buy rating to the stock. According to data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average target price of $120.00.

Insider Transactions at Blueprint Medicines

In related news, insider Debra Durso-Bumpus sold 333 shares of the firm’s stock in a transaction on Friday, June 28th. The shares were sold at an average price of $111.15, for a total value of $37,012.95. Following the transaction, the insider now directly owns 43,763 shares in the company, valued at approximately $4,864,257.45. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. In other news, insider Debra Durso-Bumpus sold 333 shares of the stock in a transaction that occurred on Friday, June 28th. The stock was sold at an average price of $111.15, for a total value of $37,012.95. Following the completion of the sale, the insider now directly owns 43,763 shares of the company’s stock, valued at $4,864,257.45. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, insider Philina Lee sold 41,913 shares of the stock in a transaction on Monday, August 5th. The shares were sold at an average price of $93.19, for a total transaction of $3,905,872.47. Following the completion of the sale, the insider now directly owns 34,729 shares of the company’s stock, valued at $3,236,395.51. The disclosure for this sale can be found here. Over the last three months, insiders sold 171,977 shares of company stock worth $17,622,599. 4.21% of the stock is owned by 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.