Does Blueprint Medicines Have a Plan to Boost Their Stock?

Blueprint Medicines (BPMC) is a "precision therapy company" looking to invent "life-changing therapies for people with cancer and rare diseases". Cutting edge stuff. Let's check out the charts and indicators to see if we can "target" higher prices as well as this company targets cancer cells.

In this daily bar chart of BPMC, below, I can see that prices doubled in the last two months of 2023. Prices are pulling back towards the rising 50-day moving average line and the big question is whether this correction is a buying opportunity. Trading volume shows an increasing pattern since August.

The On-Balance-Volume (OBV) line shows a rise over the past year and fresh strength since October. The trend-following Moving Average Convergence Divergence (MACD) oscillator has been correcting lower since the beginning of 2024. 

In this weekly Japanese candlestick chart of BPMC, below, I can see a large two-year base pattern. The weekly trading volume shows a low in volume at the nadir of the pattern in early 2023 followed by increasing volume as we move towards 2024.

The weekly OBV line has risen with the price action. The 40-week moving average line has a positive slope. The MACD oscillator is above the zero line but has narrowed in recent weeks as prices have corrected lower.

In this daily Point and Figure chart of BPMC, below, I can see a downside price target in the $60 area. A trade at $75.96 is needed to refresh the decline.

In this weekly Point and Figure chart of BPMC, below, I can see that the software is projecting an upside price target in the $95 area.

Bottom line strategy: I want to recommend the purchase of shares BPMC, but I want to see a clear bottom reversal pattern. Be patient.

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