Piper upgrades Deciphera, sees vimseltinib and Qinlock poised for upside

As previously reported, Piper Sandler upgraded Deciphera to Overweight from Neutral with a price target of $23, up from $18, after the company presented top line data from its Phase 3 MOTION study of vimseltinib in tenosynovial giant cell tumor, or TGCT, patients who are not amenable to surgery. Based on the MOTION study results, the firm now thinks the drug’s launch in TGCT is likely to perform better than its previous expectations and couples that view with Qinlock’s “steady and solid traction” in earlier lines of GIST to lead it to recommend being buyers of the stock to “levels approaching $23,” the analyst tells investors.