CAMBRIDGE, MA— Blueprint Medicines Corp (NASDAQ:BPMC), a $5.7 billion market cap biopharmaceutical company currently trading at $90.14, has reported that Director Jeffrey W. Albers has sold a significant portion of his holdings in the company, according to a recent SEC filing. According to InvestingPro analysis, the company's shares are currently trading near their Fair Value. On December 19, Albers sold a total of 15,000 shares of Blueprint Medicines common stock, generating approximately $1.35 million. The transactions were executed at prices ranging from $88.28 to $91.96 per share. The company maintains strong liquidity with a current ratio of 3.32, and InvestingPro data shows impressive revenue growth of 101% over the last twelve months.
In addition to the sales, Albers also exercised stock options to acquire 15,000 shares at a price of $36.05 per share, a transaction valued at around $540,750. Following these transactions, Albers retains ownership of 157,557 shares in the company.
These transactions were carried out under a pre-established trading plan, adopted on May 8, 2024, in accordance with Rule 10b5-1 of the Securities Exchange Act.
In other recent news, Blueprint Medicines has seen significant growth in revenue, primarily driven by robust sales of its therapeutic product, Ayvakit, used for treating systemic mastocytosis. The product generated $128.2 million in net product revenue, marking a 137% year-over-year increase, leading the company to revise its revenue expectations for the year to between $475 million and $480 million. JPMorgan (NYSE:JPM) analysts project Ayvakit's potential peak sales to reach $2.9 billion, suggesting that the current share price may not fully reflect Blueprint Medicines' potential.
The company is also preparing to release data from the BLU808 Single Ascending Dose/Multiple Ascending Dose study early next year, which could broaden its market reach. Furthermore, Blueprint Medicines plans to initiate the registration-enabling study for Elenestinib by the end of 2024, a key step toward the potential approval and commercialization of Elenestinib.
Both JPMorgan and Needham have given positive ratings to Blueprint Medicines, with JPMorgan initiating an Overweight rating and a price target of $126.00, and Needham maintaining a Buy rating while increasing the price target to $135 from $133. These ratings were influenced by Ayvakit's strong sales performance and the company's increased full-year guidance. This is a highlight of recent developments concerning Blueprint Medicines.
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