CAMBRIDGE, MA— Blueprint Medicines Corp (NASDAQ:BPMC), a $6.1 billion market cap biotech company, recently reported that Ariel Hurley, the company's Principal Accounting Officer, executed a series of stock transactions. On December 12, 2024, Hurley sold a total of 1,819 shares of the company's common stock, resulting in proceeds of approximately $169,635. The shares were sold at prices ranging from $92.88 to $93.99 per share, with the current stock price near $95, sitting closer to its 52-week high of $121.90.
This activity was part of a trading plan adopted under Rule 10b5-1, as noted in the company's filing. Following these transactions, Hurley holds 14,967 shares of Blueprint Medicines. According to InvestingPro, the company maintains a "GOOD" financial health score, despite not being profitable in the last twelve months. Analysts maintain a bullish stance with price targets ranging from $81 to $167 per share.
Additionally, the filing disclosed that Hurley exercised stock options to acquire 1,600 shares at a price of $15.01 per share, totaling $24,016. The options, granted in 2016, were fully vested at the time of the transaction. For deeper insights into Blueprint Medicines' valuation and financial metrics, access the comprehensive Pro Research Report available exclusively on InvestingPro.
In other recent news, Blueprint Medicines has experienced a significant upswing in revenue, primarily propelled by the robust sales of its therapeutic product, Ayvakit. The drug, used for treating systemic mastocytosis, generated $128.2 million in net product revenue, marking a 137% year-over-year increase. This performance led the company to revise its annual revenue expectations to a range of $475 million to $480 million.
JPMorgan initiated coverage on Blueprint Medicines, highlighting the company's focus on immune mast cells modulation and its commercial product, Ayvakit. The firm projects that Blueprint Medicines is stepping into 2025 with a revenue run rate surpassing $500 million, bolstered by the adoption of Ayvakit. The firm also believes that the current share price does not fully reflect the potential of Blueprint Medicines' franchise.
Furthermore, Needham maintained a Buy rating on Blueprint Medicines and increased the price target to $135 from $133. The firm's decision was influenced by Ayvakit's strong sales performance and the company's increased full-year guidance. In addition, Blueprint Medicines is preparing to release data from the BLU808 Single Ascending Dose/Multiple Ascending Dose study early next year. This data could facilitate the company's entry into a broader range of mast cell-mediated diseases, potentially enhancing its market reach.
Lastly, Blueprint Medicines is also preparing to initiate the registration-enabling study for Elenestinib by the end of 2024, a crucial step toward the potential approval and commercialization of Elenestinib, further expanding the company's portfolio in targeted therapies for rare diseases.
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