Deutsche Bank initiates Sell Catalyst Call on Blueprint Medicines ahead of data
In a note sent before the open, Deutsche Bank analyst Konstantinos Aprilakis said he has initiated a Sell Catalyst Call on Blueprint Medicines ahead of data from its Phase 2 PIONEER study of avapritinib in indolent mastocytosis, or ISM, which is expected at the upcoming ASH meeting on December 7-10. Despite management stating at last month's R&D day that there have been no discontinuations due to side effects, he does not favor the risk-reward going into this trial readout, Aprilakis told investors. He believes that if there are any signs of cognitive toxicity at the lower doses in the PIONEER study, it could "cast further doubt on avapritinib's future in ISM," the analyst added. While he is making a short-term sell call, Aprilakis has a Hold rating on Blueprint shares with a price target of $75. In morning trading, Blueprint shares are down $5.89, or 7.2%, to $76.15.