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 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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