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Where Does Blueprint Medicines Stand Ahead of Anticipated FDA Decision on Avapritinib?
Stock Analysis & Ideas

Where Does Blueprint Medicines Stand Ahead of Anticipated FDA Decision on Avapritinib?

Those invested in the precision therapy company Blueprint Medicines Corp. (BPMC) are highly anticipating its upcoming PDUFA date (aka FDA action date) for a new drug called Avapritinib. If the June 16 action date is a success, the company will look to launch its advanced systemic mastocytosis (AdvSM) drug to market in 2Q21. (See BPMC stock analysis on TipRanks)  

Andrew Fein of H.C. Wainwright & Co. wrote that the launch will be “just the beginning” for Blueprint, as more research and testing will be completed in the future for treatments of the non-advanced version of the disease. Fein reiterated the stock as a Buy and assigned a price target of $135, reflecting a potential 12-month upside of 59.35%.  

Fein noted that the bulk of patients are diagnosed with non-advanced systemic mastocytosis (SM), and once FDA indication is provided for them as well, the drug will be able to launch and to capture widespread usage.  

Furthermore, as the COVID-19 pandemic continues to thaw, Fein expects more patients to be seen in person by physicians. Given the unmet need, there will be a “strong initial and lasting uptake” for the drug in the second half of FY21. He also expects that increased blood-based testing and the ability to explain the benefits of avapritinib to physicians will lead to greater patient usage of the drug.  

The five-star analyst expressed his optimism on the stock, stating that the avapritinib clinical trials produced clear benefits over placebos. Moreover, it showed acceptable levels of safety and efficacy, resulting in higher quality of life for patients.  

On TipRanks, the company has an analyst consensus rating of Strong Buy, based on 6 Buy and 2 Hold ratings. The forecasted BPMC average analyst price target is $121.25, reflecting a potential 12-month upside of 43.12%.  

Disclaimer: The opinions expressed in this article are solely those of the featured analyst. The content is intended to be used for informational purposes only. It is very important to do your own analysis before making any investment. 

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