SVB Securities analyst Andrew Berens lowered the firm’s price target on Blueprint Medicines to $38 from $45 and keeps a Market Perform rating on the shares. Blueprint announced Roche’s (RHHBY) decision to terminate the Gavreto collaboration agreement between the companies for strategic reasons, effective in 2024. The announcement follows disappointing Gavreto sales since approval in late 2020, with ~$6.42M in Q4 sales suggesting a ~$25M annual run-rate. The firm believes the termination adds to "growing financial overhangs" for Blueprint, which was "already experiencing high cash burn, an anticipated need for serial equity raises and additional debt.’
Published first on TheFly
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