Cowen Reiterates Outperform On Blueprint Medicines Corp Following FDA Acceptance of Two Investigational New Drug Applications
Cowen’s healthcare analyst Eric Schmidt came out today with a research note on Blueprint Medicines Corp (NASDAQ:BPMC), after the company announced that the FDA accepted the Company’s Investigational New Drug (IND) applications to begin Phase 1 clinical trials for its two lead drug candidates: BLU-554 for the treatment of advanced hepatocellular carcinoma (HCC) and cholangiocarcinoma, and BLU-285 for unresectable, treatment-resistant gastrointestinal stromal tumor (GIST).
Schmidt noted, “The innovative chemistry behind these compounds and the large market opportunities keep us at Outperform.” Furthermore, “The company’s unique chemistry combined with biological insights obtained through genomic and other analyses has produced lead candidates BLU-285 and BLU-554, which are expected to advance into clinical testing in H2 in SM/GIST and HCC. We think these drugs could have $2-3B in combined commercial potential. We expect BPMC shares to appreciate as its pipeline candidates advance.”
The analyst reiterated an Outperform rating on Blueprint Medicines stock, without providing a price target.
According to TipRanks.com, which measures analysts’ and bloggers’ success rate based on how their calls perform, analyst Eric Schmidt has a total average return of 57.2% and a 85.2% success rate. Schmidt is ranked #6 out of 3694 analysts.