BPMC - Blueprint Medicines stock down 5% amid analyst downgrades price target changes

Shares of Blueprint Medicines (BPMC -5.1%) are down in morning trading after at least two Street firms weighed in on the company's Q4 2021 results released Wednesday. Those results also included a lower-than-expected revenue guidance for 2022. While maintaining a buy rating, H.C. Wainwright lowered its price target to $100 from $135 (~34% upside based on Wednesday's close). Analyst Andrew Fein said that while the change was made due to the guidance, but he remains bullish on sales of Ayvakit (avapritinib) for advanced systemic mastocytosis ("SM"). He is projecting Ayvakit revenue of $78.5M this year increasing to $1.25B in 2034 for the SM indication. Meanwhile, SVB Leerink downgraded the stock to market perform and lowered its price target to $82 (~9% upside). Read why Seeking Alpha contributor Bret Jensen views Blueprint Medicines as a hold.

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Blueprint Medicines stock down 5% amid analyst downgrades, price target changes