Analyst Ami Fadia of Needham reiterated a Buy rating on Blueprint Medicines (BPMC – Research Report), retaining the price target of $97.00.
Ami Fadia’s rating is based on the promising potential of Blueprint Medicines’ BLU-808, a KIT inhibitor, which is poised to enter human trials following an Investigational New Drug application in the second quarter of 2024. Although BLU-808’s value is not yet accounted for in current financial models, its broad application prospects in treating various allergy and inflammation-related disorders make it a significant asset. The management team has underscored BLU-808’s applicability across a wide spectrum of diseases, including asthma and eosinophilic esophagitis, where mast cells play a critical role, suggesting the possibility of both monotherapy and combination therapy developments.
Furthermore, Ami Fadia reaffirms the Buy rating on Blueprint Medicines, with a particular focus on the near-term performance of Ayvakit, the company’s drug for Indolent Systemic Mastocytosis (ISM). Fadia’s optimism is rooted in the anticipated sales growth of Ayvakit, with projected first-quarter sales for 2024 being approximately 7% higher than consensus estimates. This confidence in Ayvakit’s market uptake, combined with the untapped potential of BLU-808, contributes to the overall positive outlook on Blueprint Medicines’ stock.
In another report released on April 10, JMP Securities also reiterated a Buy rating on the stock with a $114.00 price target.
Based on the recent corporate insider activity of 56 insiders, corporate insider sentiment is negative on the stock. This means that over the past quarter there has been an increase of insiders selling their shares of BPMC in relation to earlier this year.
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Blueprint Medicines (BPMC) Company Description:
Blueprint Medicines Corp. is a precision therapy company. It focuses on medicines to improve the lives of patients with genomically defined cancers, rare diseases and cancer immunotherapy. The company was founded by Chris Varma, Nicholas B. Lydon, Brian Druker, and Alexis Borisy on October 14, 2008 and is headquartered in Cambridge, MA.
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