Replimune double downgraded to Underperform from Outperform at BMO Capital

BMO Capital double downgraded Replimune (REPL) to Underperform from Outperform with a price target of $2, down from $27. While the firm continues to think that RP1 represents a “real drug,” the simple reality is that Replimune will likely need to re-run its clinical studies to get to approval and may not have enough cash on its books to get there, the analyst tells investors in a research note. The firm added that it believes more clarity on a path forward and significant restructuring are needed, while Replimune will likely underperform its peer group in the interim.