Blueprint Medicines, Mirati, Immunogen gain following Turning Point sale to Bristol Myers (update)

Jun. 03, 2022 12:16 PM ETBlueprint Medicines Corporation (BPMC), DCPH, BDTXMRTX, IMGN, BMY, TPTXBy: Joshua Fineman, SA News Editor

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Update 12:15pm: Updates shares, adds other potential names benefitting from the deal.

  • Blueprint Medicines (NASDAQ:BPMC) rose 4% after Bristol Myers (BMY) agreed to acquire Turning Point Therapeutics (TPTX) for over $4B in cash.
  • Stifel said in a note that buy-rated Blueprint (BPMC) came first to mind after Bristol agreed to buy TPTX. Bluelprint's BLU-945 and BLU-701 have similar development set-up as TPTX's repotrectinib. Another sympathy play may include hold-rated Deciphera Pharmaceuticals (NASDAQ:DCPH) and Black Diamond Therapeutics (NASDAQ:BDTX), according to Stifel analyst Bradley Canino.
  • The deal also reads positive for Immunogen Inc. (IMGN) and Mirati Therapeutics (MRTX) , according to Guggenheim analyst Michael Schmidt, two other late stage development companies. Both MRTX and IMGN are buy rated at Guggenheim.
  • Mirati jumped 9.7%, while ImmunoGen (IMGN) rose 1.7%.
  • Earlier Friday, Bristol Myers to acquire Turning Point Therapeutics for over $4B in cash.

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