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CAMBRIDGE, MA—Hurley Ariel, the Principal Accounting Officer at Blueprint Medicines Corp (NASDAQ:BPMC), recently executed a series of stock transactions, according to a Form 4 filing with the Securities and Exchange Commission. The transactions come as the $6.69 billion biotech company has seen its stock surge approximately 16% over the past week, with shares currently trading at $104.89. On January 13, Ariel sold 2,250 shares of common stock at an average price of $100 per share, generating a total of $225,000.
In a related transaction, Ariel exercised stock options to acquire 2,250 shares at a price of $36.05 per share. These transactions were carried out under a trading plan adopted on September 12, 2024, pursuant to Rule 10b5-1 under the Securities Exchange Act of 1934. Following these transactions, Ariel holds 14,967 shares of Blueprint Medicines. According to InvestingPro analysis, the company maintains a strong financial health rating with robust liquidity, as evidenced by a current ratio of 3.32. While analysts maintain a bullish outlook on BPMC, InvestingPro analysis suggests the stock is currently trading above its Fair Value.
In other recent news, Blueprint Medicines Corporation has seen a significant increase in its revenue, primarily driven by the robust sales of its therapeutic product, Ayvakit, used in the treatment of systemic mastocytosis (SM). The product generated $128.2 million in net product revenue, marking a 137% year-over-year increase. As a result, the company has revised its revenue expectations for the year to between $475 million and $480 million.
Recent developments include the initiation of the Phase 3 HARBOR trial of elenestinib for indolent systemic mastocytosis and prioritizing investment in CDK targeted protein degraders for breast cancer and other solid tumors. Analysts from firms like Stifel, JPMorgan, and Needham have expressed confidence in Blueprint Medicines' growth strategy, with Stifel maintaining a Buy rating and a price target of $155, and JPMorgan initiating coverage with an Overweight rating and a price target of $126.
Needham, on the other hand, has increased its price target to $135 from $133, maintaining a Buy rating on the stock. Blueprint Medicines is also preparing to release data from the BLU808 Single Ascending Dose/Multiple Ascending Dose study next year, and plans to initiate the registration-enabling study for Elenestinib by the end of 2024. These recent developments underscore Blueprint Medicines' commitment to innovation and sustained growth in the field of targeted therapies for cancer and rare diseases.
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