In a report released today, Ami Fadia from Needham maintained a Buy rating on Blueprint Medicines (BPMC – Research Report), with a price target of $133.00.
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Ami Fadia’s rating is based on Blueprint Medicines’ strong growth potential, particularly with its drug Ayvakit, which is on track to reach $2 billion in sales by 2030 according to management’s projections. The drug’s market penetration is expected to increase, especially within the systemic mastocytosis (SM) population, which is estimated to be around 60,000 patients in the U.S.
Ami Fadia also considers the company’s pipeline as a significant factor for the Buy rating. Blueprint Medicines has promising medium to long-term growth drivers, including elenestinib, BLU-808, and its protein degrader platform, which could provide additional revenue streams and enhance the company’s market position in the future.
In another report released on March 31, Wolfe Research also maintained a Buy rating on the stock with a $132.00 price target.
Based on the recent corporate insider activity of 70 insiders, corporate insider sentiment is negative on the stock. This means that over the past quarter there has been an increase of insiders selling their shares of BPMC in relation to earlier this year.