Blueprint closing gap with Loxo in RET+ tumors, says Cowen

Cowen analyst Marc Frahm said he believes the regulatory updates offered last night by Blueprint Medicines (BPMC) for avapritinib, BLU-667 and BLU-782 are all incremental positives, but he views the new clinical data for BLU-667 as “much more newsworthy.” His prior survey of lung cancer physicians and investors to assess what response rate from BLU-667 they would consider competitive to Loxo Oncology’s (LOXO) LOXO-292 yielded an average physician response of 59% and average investor response was 62%. Given that Blueprint reported an ORR of 62% within the second-line NSCLC cohort of 34 patients, Frahm think consensus is likely to shift towards BLU-667 capturing a meaningful share of the RET+ market, he tells investors. He keeps an Outperform rating on Blueprint Medicines.

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