Blueprint Gets Price Target Cut Amid Lower Than Expected Ayvakit Uptake
- HC Wainwright lowered the price target on Blueprint Medicines Corp , keeping the Buy rating.
- Blueprint expects to submit a supplemental application for Ayvakit in non-advanced systemic mastocytosis (non-ADvSM) in 4Q22 (expected launch in mid-2023), with the longer-term value being driven by an expanding suite of precision medicines aimed at NSCLC and beyond.
- The analyst has long believed that Ayvakit will gain approval in non-ADvSM but concurrently believe that the elucidation and treatment of these patients will be an uphill battle for Blueprint.
- The company has outlined the initial launch strategy to concentrate on patients with moderate to severe disease (~7,500 pts) to promote faster patient uptake, but the strategy omits another 22K undiagnosed or misdiagnosed patients, leaving room for a potential blockbuster opportunity, the analyst writes.
- Lower-than-expected initial penetration in SM AHN compared to other subtypes, coupled with COVID-19 impacts and FX headwinds, further adds to the overall slowing uptake seen for Ayvakit.
- Blueprint lowered Ayvakit’s FY22 sales guidance to $108-111 million, down from $115-130 million, leaving investors speculating how Blueprint’s experience in advanced SM will translate to non-ADvSM.
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