BPMC - Blueprint cut to sell at Citi on concerns over change in main goals for pivotal trial

Citi has downgraded Blueprint Medicines (NASDAQ:BPMC) to Sell from Neutral after the commercial-stage biotech announced on Thursday a shift in the primary endpoint for a pivotal trial designed to evaluate its kinase inhibitor Ayvakit in non-advanced systemic mastocytosis (SM). The swap in main goals of the study was based on FDA recommendations and preceded a planned database lock, the company said yesterday. The change would raise the bar for the study, Citi analyst David Lebowitz said, adding that "even if the trial succeeds on the primary endpoint, magnitude of benefit will not be enough to support Street projections.” The rearrangement of the endpoints reflects the concerns over the market opportunity for Ayvakit in  indolent systemic mastocytosis (ISM). With patients reasonably controlled with standard therapies for the condition, the safety profile as well as the efficacy of the drug should be significant enough to attract healthcare providers and payers, according to the

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Blueprint cut to sell at Citi on concerns over change in main goals for pivotal trial