Blueprint should rally on today’s Cogent data, says Oppenheimer

Oppenheimer analyst Matthew Biegler believes shares of Blueprint Medicines (BPMC) should rally this morning following updated results from competitor Cogent Biosciences (COGT), as disclosed in an abstract for the American Society of Hematology meeting. The firm says investors appear to be reacting to the updated safety results which showed one patient discontinuing treatment at the lowest tested dose for an alanine aminotransferase increase. Blueprint has shown no such liver toxicities in its Phase 3 PIONEER trial, the analyst tells investors in a research note. Opco believes Blueprint’s safety could end up being an “important differentiator,” given the chronic nature of treatment for indolent mastocytosis. Blueprint remains one of the firm’s top picks heading into year-end with an Outperform rating and $130 price target.