Analyst Beefs Up Replimune Price Target As Recent Data Validates Treatment Platform

  • Last Thursday, Replimune Group Inc REPL announced an initial data snapshot from the first 75 patients from the anti-PD1 failed cutaneous melanoma cohort of the IGNYTE clinical.
  • The overall response rate (ORR) was 36%, and the complete response (CR) rate was 20% compared to the 12.5% shown in the prior 16 patients presented in June 2022
  • BMO Capital Markets raised the price target to $70 from $40, with an Outperform rating.
  • The improved CR paired with longer-term durability beat the 28% hurdle rate needed to support a filing.
  • The analyst says that the updated price target reflects a 60% probability of success in the U.S. and 30% ex-US based on IGNYTE data. 
  • The analyst writes that data demonstrate an unprecedented response to oncolytic therapy, which has been criticized historically for unremarkable efficacy, despite favorable safety. 
  • BMO also writes that data not only provides the PoC investors needed but it also validates both the skin cancer franchise and the oncolytic virus platform. 
  • Price Action: REPL shares are up 3.16% at $25.79 on the last check Monday.
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