Stephens & Co. Downgrades Blueprint Medicines (BPMC) to Equal Weight, Cuts PT

On June 3, Stephens & Co. analyst Sudan Loganathan downgraded Blueprint Medicines Corporation (NASDAQ:BPMC) to Equal Weight from Overweight, slashing the price target to $135 from $150. The rating update followed Sanofi’s announcement of a definitive agreement to buy Blueprint Medicines Corporation for $129 per share in cash.

The rating update reflects the changing market outlook and expectations regarding Blueprint Medicines Corporation (NASDAQ:BPMC) and points towards the firm’s cautious stance on the company’s future valuation.

Why Blueprint Medicines Corporation (BPMC) Skyrocketed On Monday

A doctor examining a patient’s samples in a modern hospital setting.

In addition to downgrading Blueprint Medicines Corporation (NASDAQ:BPMC), the analyst announced that he is dropping the company as a “Best Idea Pick” and moving to cash.

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

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Disclosure: None.