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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