Blueprint Medicines price target raised to $90 from $85 at Oppenheimer

Oppenheimer analyst Matthew Biegler raised the firm’s price target on Blueprint Medicines to $90 from $85 and keeps an Outperform rating on the shares. Investors are fixated on AYVAKIT’s launch in indolent systemic mastocytosis, or ISM, which is why when the company reports Q4 earnings in mid-February, the management’s 2024 guidance could be even more important than Q4 sales, the analyst tells investors in a research note. The firm adds that its survey work points to high awareness and favorability scores by allergists and dermatologists, a prescriber base that sees 4 to 5-times more patients than hematologists, and even if Blueprint’s 2024 guidance comes up short of consensus, these trends portend strength for AYVAKIT over time.