We recently published a list of 10 Stocks Insiders Are Selling In March. In this article, we are going to take a look at where Blueprint Medicines Corporation (NASDAQ:BPMC) stands against other stocks Insiders are selling in March.
Wall Street experienced a challenging week, marked by turbulence as the broader market entered a correction, declining 10.1% from its record high in February. All three major indexes dropped between 2.3% and 3.1% over the week. However, Friday brought a little more optimism among investors as all three major indexes closed a bit higher. Blue-chip stocks closed 1.65% higher, the broader market index gained 2.13% and the NASDAQ Composite closed Friday session 2.61% higher.
This week continues to keep investors on their toes as the U.S. retail sales report, scheduled for release on Monday, will provide insights into consumer spending. According to Yahoo Finance, some experts believe investors will closely examine the report for signs of an economic slowdown. Experts polled by Dow Jones expect retail sales to have increased by 0.6% last month.
Investors are also closely watching for another significant update this week: the Federal Reserve’s decision on interest rates. Since September, the Fed has cut interest rates three times and still, the broader market entered a correction.
Examining recent insider trades can offer valuable insights, as executives often have a deeper understanding of their companies. For instance, when a CEO or CFO buys company stock, it may signal strong confidence in the business’s future.
However, insider selling doesn’t necessarily reflect a lack of confidence; it could be due to personal financial needs or a desire to diversify investments. These transactions are often executed through pre-arranged plans, like 10b5-1 plans, to avoid any appearance of improper timing. While insider activity can be informative, it’s important to consider it alongside the company’s financial health, market trends, and industry developments.
Our Methodology
To identify the 10 stocks insiders are selling in March we used Insider Monkey’s insider trading stock screener and looked for stocks where at least three insiders sold shares this month. With each stock, we note the number of insiders who recently sold shares and the company’s market capitalization.
Our research has shown that we can outperform the market by imitating the top stock picks of the best hedge funds, focusing on insider trading and stock picks from hedge fund investor newsletters and conferences. Our quarterly newsletter’s strategy selects 14 small-cap and large-cap stocks every quarter and has returned 373.4% since May 2014, beating its benchmark by 218 percentage points (see more details here).
A biopharmaceutical facility with technicians working on a manufacturing line of treatments and preventions.
Blueprint Medicines Corporation (NASDAQ:BPMC)
Number of Insiders Selling: 11
Market Capitalization: $5.73 billion
First among the 10 stocks insiders are selling this month is the biopharmaceutical company Blueprint Medicines Corporation (NASDAQ:BPMC). The Cambridge, Massachusetts-headquartered company is focused on developing targeted treatments for cancers and blood disorders. Its main revenue stream is AYVAKIT (avapritinib), a treatment for systemic mastocytosis (SM) and gastrointestinal stromal tumors.
Additionally, Blueprint Medicines (NASDAQ:BPMC) is working on BLU-263, a potent, orally available KIT inhibitor designed to treat indolent SM and other mast cell disorders. The company is also developing GAVRETO for patients with RET fusion-positive non-small cell lung cancer, altered thyroid carcinoma, and medullary thyroid carcinoma.
For the full year of 2024, the company reported revenues of $508.8 million, including $479.0 million in net product revenues from sales of AYVAKIT and $29.9 million in collaboration and license revenues. Blueprint Medicines recorded $72.0 million and $249.4 million in revenues in the fourth quarter and year ended Dec. 21, 2023, respectively. Net loss for the year 2024 was $67.1 million, compared to a net loss of $507.0 million in 2023. As of Dec. 31, 2024, cash, cash equivalents and investments were $863.9 million, as compared to $767.2 million as of Dec. 31, 2023.
Blueprint Medicines (NASDAQ:BPMC) projects 2025 revenue of $680 million to $710 million suggesting AYVAKIT is on track to achieve $2 billion in revenue by 2030.
In March, 11 insiders, including the company’s CEO, CSO, and CFO, sold a total of around $6.69 million worth of Blueprint Medicines shares at an average price of $89.50 per share. Currently, the stock trades at $89.58 per share, having gained 2.71% year-to-date, and 3.18% over the past 12 months.
According to StockAnalysis, the consensus rating for Blueprint Medicines stock from 20 analysts is “Buy.” The average price target is $125.0, suggesting an upside of 39.54%.
Blueprint Medicines (NASDAQ:BPMC) is also among the 10 oversold biotech stocks to buy now.
Overall, BPMC ranks 1st on our list of stocks Insiders are selling in March. While we acknowledge the potential of BPMC, our conviction lies in the belief that AI stocks hold greater promise for delivering higher returns, and doing so within a shorter time frame. If you are looking for an AI stock that is more promising than BPMC but that trades at less than 5 times its earnings, check out our report about the cheapest AI stock.
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Disclosure: None. This article is originally published at Insider Monkey.
