Blueprint Medicines up on rare disorder drug approval, brokerages raise PTs

Blueprint Medicines

23/05/2023 12:38

** Shares of drugmaker Blueprint Medicines Corp  BPMC.O 
rise ~5% to $59 premarket 
     ** The U.S. FDA late on Monday approved co's Ayvakit as the
first and only drug for the treatment of adults with indolent
systemic mastocytosis (ISM)
    ** Several brokerages raise PTs on co
 Brokerage     Prior PT    New PT
 Barclays      $44         $46
 Needham       $65         $67
 SVB           $45         $48
 Securities                
 Guggenheim    $78         $82
    ** Brokerage H.C. Wainwright raises PT to $85 from $75, says
the untapped ISM market welcomes its first approval
    ** While the approval was broadly expected, the label
appears incrementally better than hoped or feared - TD Cowen
    ** Brokerage TD Cowen continues to expect Ayvakit to become
the new standard of care in moderate-severe ISM 
    ** Brokerage Jefferies forecasts US peak sales of Ayvakit in
ISM at ~$456 million in 2030
    ** The drug had been approved in systemic mastocytosis, a
rare hematologic disorder, in 2021
    ** Up to last close, stock up ~28% YTD
    

 (Reporting by Sriparna Roy in Bengaluru)
 ((Sriparna.Roy@thomsonreuters.com;))