CAMBRIDGE, MA—Christina Rossi, the Chief Operating Officer of Blueprint Medicines Corp (NASDAQ:BPMC), a biopharmaceutical company with a market capitalization of $5.7 billion, recently sold shares of the company, according to a filing with the Securities and Exchange Commission. According to InvestingPro analysis, the company's stock is currently trading near its Fair Value, with analysts setting price targets ranging from $81 to $167. On December 18, Rossi sold a total of 2,274 shares of common stock, amounting to $218,098. The shares were sold at prices ranging from $95.88 to $96.50.
Following these transactions, Rossi holds 69,383 shares directly. The sales were conducted under a pre-established trading plan adopted on August 27, 2024, in accordance with Rule 10b5-1 under the Securities Exchange Act of 1934.
In other recent news, Blueprint Medicines has reported a significant increase in revenue, primarily driven by robust sales of its therapeutic product, Ayvakit. The product, used for treating systemic mastocytosis, generated $128.2 million in net product revenue, marking a 137% year-over-year increase. As a result, Blueprint Medicines revised its revenue expectations for the year to between $475 million and $480 million.
JPMorgan (NYSE:JPM) analysts recently initiated coverage on Blueprint Medicines with an Overweight rating, indicating that the current share price does not fully reflect the potential of Blueprint Medicines' franchise. Meanwhile, Needham maintained a Buy rating on Blueprint Medicines and increased the price target to $135 from $133, influenced by Ayvakit's strong sales performance and the company's increased full-year guidance.
In terms of upcoming developments, Blueprint Medicines is preparing to release data from the BLU808 Single Ascending Dose/Multiple Ascending Dose study early next year. The company also anticipates the initiation of 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 cancer and rare diseases.
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