Blueprint Medicines (BPMC – Research Report), the Healthcare sector company, was revisited by a Wall Street analyst today. Analyst Andy Chen from Wolfe Research maintained a Buy rating on the stock and has a $132.00 price target.
Andy Chen’s rating is based on a combination of factors that highlight Blueprint Medicines’ potential for long-term growth. Despite concerns over a softer tone in Q1 revenue, Chen sees no fundamental reason to revise down the company’s revenue projections, as the long-term potential remains promising. The company’s flagship product, Ayvakit, although untrackable in volume, is expected to contribute significantly to future revenue.
Furthermore, while there are safety concerns with a competitor’s product, bezuclastinib, Blueprint Medicines is perceived to have a competitive edge due to its longer-term efficacy data. The company is also well-positioned to capitalize on opportunities in non-urticaria indications, such as MCAS and allergic asthma, leveraging its experience with systemic mastocytosis. Although there are some safety concerns that need addressing, these factors collectively contribute to Chen’s optimistic outlook and Buy rating for Blueprint Medicines.
In another report released on March 20, Jefferies also maintained a Buy rating on the stock with a $135.00 price target.
Based on the recent corporate insider activity of 71 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.