REPL - Replimune: Oncolytic Immunotherapy Pioneer Gaining Momentum In The Clinic

• Shares have risen by 130% since my December 2019 recommendation but have lost a quarter of their value over the past three months.
• Lead indications for RP1 appear substantially derisked, while initial data for RP2 was very promising (multiple responses in "cold" tumors).
• Prior downtrend reflects pessimism, but I believe management could prove skeptics wrong with key data sets (i.e. PD-1 failed NSCLC for RP1, RP2+ Opdivo combo, initial RP3 results, etc.).
• Needle-moving catalysts include upcoming readouts at major conferences (ASCO, SITC, etc). Clinical momentum could accelerate if trial data shows substantial systemic activity including indications with low bar.

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