Blueprint Medicines price target raised to $97 from $95 at Stifel

Stifel analyst Bradley Canino raised the firm’s price target on Blueprint Medicines to $97 from $95 and keeps a Buy rating on the shares. Based on management commentary, the recent announcement that the company will be deprioritizing certain oncology programs was unsurprising, the analyst tells investors. The company also disclosed it is in strategic conversations for partnerships for CDK2 and EGFR programs, which kept the shares in-line. The company now has a clear catalyst with Ayvakit 2024 guidance on the Q4 2023 call in mid-February, which Stifel notes it likes the setup of this guidance.