Judah Frommer, an analyst from Morgan Stanley, maintained the Hold rating on Blueprint Medicines (BPMC – Research Report). The associated price target is $100.00.
Judah Frommer’s rating is based on several factors, including the growth trajectory of Ayvakit and the potential of Blueprint Medicines’ pipeline. Ayvakit has shown consistent growth since its approval for ISM in 2023, supported by new patient starts and an expanding prescriber base. However, while there is room for continued sales growth in the medium term, there is some caution regarding the long-term peak revenue expectations for the SM franchise.
Frommer also considers the potential of BLU-808, a wild-type KIT inhibitor, which has shown promising early safety and pharmacodynamic data. Despite its early stage, BLU-808 is seen as a ‘pipeline-in-a-pill’ opportunity with potential applications in various allergic and inflammatory conditions. The Hold rating reflects a balanced view of these growth prospects against the need for further clarity on market dynamics and the positioning of upcoming treatments like elenestinib.
In another report released on March 17, Piper Sandler also maintained a Hold rating on the stock with a $119.00 price target.
Based on the recent corporate insider activity of 73 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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