Wedbush Starts Blueprint Medicines (BPMC) at Outperform

Wedbush initiates coverage on Blueprint Medicines (NASDAQ: BPMC) with a Outperform rating and a price target of $41.00.

Analyst David Nierengarten commented, "BPMC's differentiated approach combines a highly-annotated novel proprietary compound library and target discovery engine to develop kinase inhibitors for difficult-to-drug kinases, with a focus on high selectivity. Early proof-of-concept and potentially rapid registration pathways are available for targeted therapies of genetically-defined patients."

He added, "BPMC's lead product candidate, BLU-285, is a small molecule inhibitor of KIT D816V, a key driver of systemic mastocytosis, and the highly homologous PDGFRalpha D842V kinase, which is a validated driver in a subset of GIST patients. No targeted treatments currently exist for these kinase mutants. IND submission and initiation of two Ph 1 studies of BLU-285 are expected in mid:15."

The analyst also noted, "The company's second lead product candidate, BLU-554, is a small molecule inhibitor of FGFR4, a key driver in up to 30% of hepatocellular carcinomas (HCCs). IND submission and initiation of a Ph 1 study of this potential first-in-class inhibitor are expected in mid:15."

For an analyst ratings summary and ratings history on Blueprint Medicines click here. For more ratings news on Blueprint Medicines click here.

Shares of Blueprint Medicines closed at $29.96 yesterday.

You May Also Be Interested In

• BofA Securities Starts GE Vernova (GEV) at Neutral, 'Multiyear turnaround amid positive demand backdrop'
• Amphenol (APH) PT Raised to $130 at Evercore ISI, Remains Top Pick
• Summit Insights Downgrades Silicon Labs (SLAB) to Hold, 'expect its stock to be an inline performer'