Replimune price target raised to $22 from $14 at Piper Sandler

Piper Sandler raised the firm’s price target on Replimune (REPL) to $22 from $14 and keeps an Overweight rating on the shares. The firm is also raising RP1 revenue estimates following the company’s Q4 2025/year-end 2025 report and disclosure of additional RP1 data at ASCO, and its hosting of a melanoma key opinion leader event as well as investor meetings with management last week. The firm notes that with Priority Review, RP1 has a July 22 PDUFA date, which remains on track with FDA having explicitly indicated that an AdCom is not expected. While Piper acknowledges that there’s no such thing as a completely de-risked BLA, it continues to believe that investor skepticism around RP1 approvability is overdone, creating a very favorable risk/reward heading into the PDUFA. The firm likes the company’s commercial preparedness and are revising its market build to better reflect expected market dynamics and pricing.