Replimune downgraded to Neutral from Overweight at Cantor Fitzgerald

As previously reported, Cantor Fitzgerald downgraded Replimune (REPL) to Neutral from Overweight. The firm noted the FDA has issued a second complete response letter for RP1 plus nivolumab in advanced melanoma, not only reaffirming but also expanding upon prior concerns from the July 2025 CRL on the adequacy and interpretability of the clinical data package for the biologics license application re-submission. Cantor Fitzgerald had hoped for a more lenient FDA with Vinay Prasad’s pending departure, but today’s news suggests this is not the case, the firm told investors in a research note.