Analyst Robert Burns of H.C. Wainwright reiterated a Buy rating on Replimune Group, retaining the price target of $22.00.
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Robert Burns has given his Buy rating due to a combination of factors surrounding Replimune Group’s RP1 in combination with Opdivo for treating advanced melanoma. The FDA’s decision to grant a Priority Review for the Biologics License Application (BLA) and the absence of any identified review issues suggest a smooth approval process, which is a positive indicator for investors.
Furthermore, the clinical trial results from the IGNYTE study demonstrate a promising objective response rate (ORR) of over 30% in patients who previously failed anti-PD1 treatments, with consistent efficacy across various sub-groups. The safety profile of RP1 + Opdivo is also favorable, with a relatively low incidence of severe treatment-related adverse events compared to other therapies. These factors collectively underscore the potential for RP1 + Opdivo to be a differentiated and effective treatment option, supporting the Buy recommendation by Robert Burns.
In another report released on June 25, Barclays also maintained a Buy rating on the stock with a $17.00 price target.