Blueprint Medicines Corporation’s shares (NASDAQ:BPMC) received a boost after it gained FDA approval for Ayvakit, which is the first and only treatment for a rare blood disorder called indolent systemic mastocytosis.
Following this news, several investment banks raised the company’s price targets. Needham upgraded Blueprint Medicines’ model and raised its price target from $65 to $67, with a Buy rating. The analyst is bullish on Ayvakit’s potential and noted the management’s confidence in achieving peak sales of over $1.5 billion.
HC Wainwright, which has a Buy rating also increased the price target from $75 to $85. According to the analyst, there is room for topline growth in the coming quarters as Blueprint Medicines leverages its experience with ADvSM and market synergies.
Wedbush maintained its Outperform rating with a $75 price target and said that the approval of Ayvakit unlocks the drug’s blockbuster potential.
Barclays updated their price target to $46 with an Equal Weight rating.
As of Tuesday, BPMC shares were up 3.79% at $58.38.