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