Blueprint Medicines initiated with an Overweight at JPMorgan

JPMorgan initiated coverage of Blueprint Medicines (BPMC) with an Overweight rating and $126 price target Blueprint is a biotech company focused on modulating immune mast cells and its commercial product, Ayvakyt is approved for PDGFRA-mutated metastatic gastrointestinal stromal tumor and advanced and indolent systemic mastocytosis, the analyst tells investors in a research note. While there could be seasonal variability in growth, Ayvakyt is a “solid valuation driver” on course toward management’s $2B peak sales guidance, the analyst tells investors in a research note. JPMorgan believes the franchise is not yet fully reflected in the share price. It also believes Blueprint could be seen as an attractive target for strategic partnerships, which could boost shares.