Blueprint Medicines price target lowered to $124 from $135 at Wedbush

Wedbush lowered the firm’s price target on Blueprint Medicines (BPMC) to $124 from $135 and keeps an Outperform rating on the shares. The firm notes Blueprint Medicines reported HV data for BLU-808, updated its peak SM franchise revenue opportunity, and discussed its strategic priorities for 2025. Given the data, as well as evidence that mast cell activation and proliferation plays key roles in the pathogenesis of multiple allergic and inflammatory conditions, Blueprint will initiate studies in chronic spontaneous urticaria, chronic inducible urticaria, allergic rhinitis and allergic conjunctivitis in the first half of 2025, with studies in allergic asthma and mast cell activation syndrome to follow in the second half of 2025. Wedbush believes that KIT inhibition in chronic urticaria has been validated by Phase 2 data for barzolvolimab, Celldex’s (CLDX) mAb targeting KIT.