H.C. Wainwright upgraded Replimune (REPL) to Buy from Neutral with a $12 price target after the company resubmitted the biologics license application for RP1 plus Opdivo for the treatment of adult patients with advanced melanoma who have previously received an anti-PD1 containing regimen. The firm increased its probability of approval of RP1 plus Opdivo in anti-PD1 failed melanoma patients to 85% from 50%. The FDA indicated that this resubmission is considered a comprehensive response to the complete response letter received in July, the analyst tells investors in a research note.
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