BPMC - Blueprint cut to Perform at Baird on slow uptake for cancer therapy

• Oppenheimer downgraded Blueprint Medicines Corporation ( NASDAQ: BPMC ) to Perform from Outperform at Oppenheimer on Wednesday, noting challenges in the rollout of the biotech's cancer therapy Ayvakit.
• In January 2020, the FDA approved Ayvakit for certain patients with metastatic gastrointestinal stromal tumors (GIST) and expanded the label to include advanced systemic mastocytosis (Advanced SM).
• Without any price target on the stock, Oppenheimer analysts led by Matthew Biegler point out that Blueprint ( BPMC ) has lowered its full-year forecast for Ayvakit to $108-111M from $115M to $130M previously.
• They argue that the company is struggling to win market share for the treatment in associated hematological malignancy (AHN) which represents the largest patient population in Advanced SM.
• "Educational efforts are ongoing, but if these fall short, the company may need to consider combination trials (lengthy and costly)," the analysts added, noting that even a potential label expansion to include indolent SM is unlikely for at least another year.

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