Positive Outlook for Replimune Group: Buy Rating Affirmed on Promising RP1 + Opdivo Therapy and Strong Financial PositionValuation and Risks. We utilize a discounted cash flow (DCF)-based methodology to value Replimune shares. Our core assumptions currently comprise a 12% discount rate, a 29% effective tax rate, and an 85% probability of approval for RP1 in anti-PD1 failed melanoma patients. These parameters yield a market value of $1.1B, which translates into a $12 price target, based on an estimated 92.3M shares outstanding as of end-FY2026.