Blueprint management moves maybe made with buyer in mind, says Oppenheimer

Oppenheimer notes that after a Q2 “beat-and-raise,” Blueprint Medicines (BPMC) management “implored analysts to reign-in estimates due to seasonality and other uncertainties,” and then the company just beat and raised on the Ayvakit print in Q3 for “the third consecutive time” since its label expansion into indolent mastocytosis. The firm, which says it is “beginning to believe that perhaps this whole time management’s goal has been to prevent the stock from overheating in order to make shares more attractive to a would-be buyer,” calls that a bullish signal “ahead of the next possible leg-up” from early BLU-808 data. Oppenheimer reiterates an Outperform rating and $130 price target on Blueprint shares.