Blueprint Medicines' Ayvakit 'Will Garner Approval' Despite Questions, This Analyst Says

  • HC Wainwright has cut the price target on Blueprint Medicines Corporation BPMC from $100 to $80 and reiterated the Buy rating.
  • The analyst attributes the stock's downward momentum to investor pushback from only a 6.4 difference between the mean change in TSS at 24 weeks compared to the control arm. 
  • HC Wainwright notes that Ayvakit did show a superior mean change in total symptom score compared to placebo plus best available care but says that investors hoped for a difference between 7-10 TSS points to have a maximum patient impact. 
  • Related: Analyst Sees Deteriorated Treatment Effect Of Blueprint's Much Awaited Mastocytosis Data.
  • Additionally, Blueprint has not yet disclosed the responder rate in the original endpoint. 
  • The analyst says that data around response rate would have been attractive, but the TSS score is a newly created endpoint that still does not encapsulate all the benefits of treatment. 
  • Additionally, given that the safety profile of Ayvakit was well-tolerated, physicians could use a higher dose of the drug to increase the overall patient benefit.
  • Price Action: BPMC shares are up 2.54% at $62.73 on the last check Thursday.
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