BPMC - Blueprint initiated Underweight at Wells Fargo citing sell the news event

The precision therapy company Blueprint Medicines (NASDAQ:BPMC) is trading lower in the morning hours Monday after Wells Fargo launched its coverage with an Underweight recommendation citing, among other things, a “sell the news” data readout this year. Blueprint (BPMC) plans to report topline data in late summer 2022 for its systemic mastocytosis candidate Ayvakit from a registration-enabling study called PIONEER targeted at patients with the non-advanced form of the disease. “We believe the PIONEER data will be a “sell the news” event,” the analysts led by Derek Archila wrote, arguing that the trial has a low bar for statistical significance, which could be viewed negatively given the Steet expectations. Calling Ayvakit “a good drug” with potential approval in non-advanced SM, the team notes: “However, this seems to be priced into the stock at these levels, and we would not be buying shares ahead” of the PIONEER data. In addition to

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Blueprint initiated Underweight at Wells Fargo citing “sell the news event”