REPL - Replimune sheds over 10% after earnings miss; BMO trims price target

Replimune Group (REPL -10.6%) is on track to lose over a tenth of its value after the company’s first quarter earnings for fiscal 2022 came below expectations. Additionally, citing timeline changes across its pipeline, RBC Capital Markets have lowered the price target of Replimune (NASDAQ:REPL) to $55 from $57 implying premium of ~51.4% to the last close. According to analyst Matthew Luchini, Woburn, MA-based biotech company has revised timeline of data readouts for Phase 1 trial for RP3 and IGNYTE study for RP1 plus Opdivo. Luchini maintains the outperform rating on the stock. For IGNYTE study the company expects to report data in late 2022. For Phase 1 trial for RP3 in patients with solid tumors, Replimune (REPL) expects to share initial data in Q1 2022 versus H2 2021 target in the previous update.

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Replimune sheds over 10% after earnings miss; BMO trims price target