Replimune downgraded to Underperform from Market Perform at BMO Capital

BMO Capital downgraded Replimune (REPL) to Underperform from Market Perform with a price target of $1, down from $11. The FDA’s Complete Response Letter for RP1 lays bare the lack of alignment with the FDA and Replimune, seemingly throughout clinical development, the analyst tells investors in a research note. Through the detailed CRL, the firm said it is able to more clearly see the challenges the FDDA raised with the RP1 development plan that likely require a subsequent trial to address, and such a path will likely be long and financially challenging for Replimune and its shareholders.