Analyst Beefs Up Replimune Price Target As Recent Data Validates Treatment Platform
Last Thursday, Replimune Group Inc (NASDAQ: 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.
Latest Ratings for REPL
Date | Firm | Action | From | To |
|---|---|---|---|---|
Nov 2021 | Piper Sandler | Initiates Coverage On | Overweight | |
Aug 2021 | SVB Leerink | Maintains | Outperform | |
Aug 2021 | SVB Leerink | Maintains | Outperform |
View More Analyst Ratings for REPL
View the Latest Analyst Ratings
See more from Benzinga
Replimune Shares Surge After Early Data From Pretreated Melanoma Patients
Donald Trump's Wife Melania Was Convinced He Was 'Screwing Up,' Best-Selling Book Reveals
Don't miss real-time alerts on your stocks - join Benzinga Pro for free! Try the tool that will help you invest smarter, faster, and better.
© 2022 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
