Blueprint Medicines upgraded to Outperform from Perform at Oppenheimer

Oppenheimer upgraded Blueprint Medicines to Outperform from Perform with an $85 price target. The company’s Q3 earnings included an “impressive beat” on Ayvakit sales due to a substantial increase in new patients on drug, the analyst tells investors in a research note. By the firm’s estimates, new prescribers are meaningfully adding to the prescriber mix. As such, Oppenheimer increased its peak sales estimates from $650M to $1.05B and upgraded Blueprint.