Blueprint Medicines Corp (NASDAQ:BPMC) announced that it has commenced an underwritten public offering of $125,000,000 million in shares of its common stock. In addition, Blueprint Medicines expects to grant the underwriters a 30-day option to purchase up to an additional of $18,750,000 million in shares of its common stock in connection with the public offering. All shares of common stock will be offered by Blueprint Medicines.
Blueprint Medicines expects to use the net proceeds of the offering to fund the initiation of additional clinical trials of BLU-285 in advanced gastrointestinal stromal tumors and complete the expansion stage of its ongoing Phase 1 clinical trial of BLU-285 in advanced systemic mastocytosis; to fund the initiation of additional clinical trials of BLU-554 in advanced hepatocellular carcinoma; to partially fund the clinical development of BLU-667 in RET-driven cancers; to fund new and ongoing research and development activities; and the balance, if any, to fund working capital, capital expenditures and other general corporate purposes. (Original Source)
Shares of Blueprint Medicines closed today at $28.43, down $0.22 or -0.77%. BPMC has a 1-year high of $38.33 and a 1-year low of $13.04. The stock’s 50-day moving average is $29.47 and its 200-day moving average is $23.75.
On the ratings front, BPMC stock has been the subject of a number of recent research reports. In a report released yesterday, Cowen analyst Eric Schmidt reiterated a Buy rating on BPMC. Separately, on the same day, Canaccord Genuity’s Arlinda Lee reiterated a Buy rating on the stock and has a price target of $35.
According to TipRanks.com, which ranks over 7,500 financial analysts and bloggers to gauge the performance of their past recommendations, Eric Schmidt and Arlinda Lee have a yearly average return of 21.5% and a loss of 2.3% respectively. Schmidt has a success rate of 52% and is ranked #57 out of 4256 analysts, while Lee has a success rate of 42% and is ranked #3629.
Overall, 4 research analysts have given a Buy rating to the stock. When considering if perhaps the stock is under or overvalued, the average price target is $41.00 which is 44.2% above where the stock opened today.
Blueprint Medicines Corp. is a biopharmaceutical company, which engages in developing of kinase inhibitors for genomically defined subsets of cancer patients. It has developed a platform that combines genomics with a novel library of kinase inhibitors, enabling the development of potent highly selective compounds against clear genomic driver targets.