Citizens JMP Downgrades Blueprint Medicines (BPMC) to Market Perform

On June 3, Citizens JMP analyst Reni Benjamin downgraded Blueprint Medicines Corporation (NASDAQ:BPMC) to Market Perform from Outperform without a price target. The rating update followed Sanofi’s announcement on June 2 to acquire Blueprint Medicines Corporation for approximately $9.1 billion as part of its strategy to expand its operations in rare immunological diseases.

According to the announcement, Sanofi will pay $129 per share in cash for Blueprint Medicines Corporation (NASDAQ:BPMC). The latter holds a pipeline of experimental immunology treatments, along with a medicine targeting systemic mastocytosis, a rare condition.

A scientist in a biopharmaceutical laboratory examining the development of a product candidate intended to treat a central nervous system disease.

Benjamin told investors in a research note that shareholders should vote in favor of the proposed acquisition, as he considers the offer to be fair and competing bids unlikely.

Blueprint Medicines Corporation (NASDAQ:BPMC) is a precision therapy company that provides medicines for cancer and blood disorders.

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Disclosure: None.