In a significant development for the KIT inhibitor therapeutic space, Blueprint Medicines has reported positive Phase 1 clinical trial results for BLU-808, their oral wild type KIT inhibitor, potentially establishing a competitive edge over Third Harmonic Bio's THB001.
The healthy volunteer study demonstrated favorable pharmacokinetic properties for BLU-808, supporting a convenient once-daily dosing regimen. This development has prompted Jefferies analyst Akash Tewari to reassess the competitive landscape, leading to a substantial reduction in Third Harmonic Bio's price target from $15 to $7, while maintaining a Hold rating on the company's shares.
Comparative Drug Performance
According to Tewari's analysis, BLU-808 has demonstrated superior potency compared to Third Harmonic's THB001. The drug's performance in dose-dependent serum tryptase reduction was noted to be "competitive" with THB001, marking a significant milestone in the development of oral wild type KIT inhibitors.
Market Implications
The emergence of BLU-808's strong clinical profile has immediate market implications, as reflected in Jefferies' revised valuation of Third Harmonic Bio. The 53% reduction in price target underscores the impact of competitive dynamics in the pharmaceutical development landscape, particularly in the specialized field of KIT inhibition.
Clinical Development Landscape
This development represents a crucial shift in the competitive dynamics of KIT inhibitor development. Blueprint Medicines' success with BLU-808 in achieving favorable pharmacokinetics and demonstrating strong potency could set new benchmarks for drug development in this therapeutic class.
