Short Interest in Blueprint Medicines Co. (NASDAQ:BPMC) Increases By 12.6%

Blueprint Medicines Co. (NASDAQ:BPMC) was the recipient of a large growth in short interest in the month of January. As of January 15th, there was short interest totalling 5,100,000 shares, a growth of 12.6% from the December 31st total of 4,530,000 shares. Based on an average daily trading volume, of 643,900 shares, the days-to-cover ratio is presently 7.9 days.

Wall Street Analyst Weigh In

Several analysts have recently issued reports on the stock. JMP Securities reissued a “market outperform” rating and issued a $125.00 price target on shares of Blueprint Medicines in a research report on Wednesday, January 15th. Piper Sandler increased their target price on Blueprint Medicines from $109.00 to $119.00 and gave the stock a “neutral” rating in a research report on Monday, January 27th. Guggenheim reiterated a “buy” rating on shares of Blueprint Medicines in a research report on Wednesday, December 11th. JPMorgan Chase & Co. began coverage on Blueprint Medicines in a report on Thursday, November 14th. They set an “overweight” rating and a $126.00 price objective on the stock. Finally, Stephens reiterated an “overweight” rating and set a $140.00 price target on shares of Blueprint Medicines in a research report on Thursday, January 2nd. One investment analyst has rated the stock with a sell rating, seven have assigned a hold rating, twelve have issued a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat.com, Blueprint Medicines has a consensus rating of “Moderate Buy” and an average target price of $123.56.

Insiders Place Their Bets

In related news, Director Jeffrey W. Albers sold 15,000 shares of Blueprint Medicines stock in a transaction that occurred on Thursday, December 19th. The stock was sold at an average price of $89.77, for a total transaction of $1,346,550.00. Following the transaction, the director now owns 157,557 shares of the company’s stock, valued at $14,143,891.89. The trade was a 8.69 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, insider Ariel Hurley sold 1,819 shares of the firm’s stock in a transaction dated Thursday, December 12th. The shares were sold at an average price of $93.26, for a total transaction of $169,639.94. Following the transaction, the insider now directly owns 14,967 shares in the company, valued at $1,395,822.42. The trade was a 10.84 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders have sold 49,851 shares of company stock valued at $4,984,696. 4.21% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Blueprint Medicines

A number of hedge funds and other institutional investors have recently modified their holdings of the stock. Handelsbanken Fonder AB raised its holdings in Blueprint Medicines by 19.2% in the fourth quarter. Handelsbanken Fonder AB now owns 18,651 shares of the biotechnology company’s stock worth $1,627,000 after purchasing an additional 3,000 shares in the last quarter. Ieq Capital LLC bought a new position in shares of Blueprint Medicines in the 4th quarter worth about $886,000. Peregrine Capital Management LLC lifted its position in Blueprint Medicines by 1.8% during the 4th quarter. Peregrine Capital Management LLC now owns 98,812 shares of the biotechnology company’s stock valued at $8,618,000 after acquiring an additional 1,761 shares during the period. Venturi Wealth Management LLC bought a new stake in Blueprint Medicines during the fourth quarter worth about $131,000. Finally, Truist Financial Corp purchased a new stake in Blueprint Medicines in the fourth quarter worth about $221,000.

Blueprint Medicines Price Performance

Shares of NASDAQ BPMC traded down $1.03 during trading hours on Monday, reaching $111.50. 757,436 shares of the stock traded hands, compared to its average volume of 910,249. The company’s 50-day simple moving average is $98.13 and its two-hundred day simple moving average is $95.03. The company has a market capitalization of $7.08 billion, a P/E ratio of -52.84 and a beta of 0.61. Blueprint Medicines has a 52-week low of $72.24 and a 52-week high of $121.90. The company has a quick ratio of 3.27, a current ratio of 3.32 and a debt-to-equity ratio of 1.09.

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.