Replimune Gets 33% Price Target Bump Ahead Of Upcoming Readouts
- BMO Capital Markets raised the price target on Replimune Group Inc to $40 from $30 on a bullish view into upcoming data readouts for lead asset RP1 in melanoma and cutaneous squamous cell carcinoma (CSCC).
- The analyst says robust safety and clinical benefit would give confidence in RP1 in earlier lines of treatment and earlier assets, RP2 and RP3.
- The analyst expects RP2 updates later this year for the monotherapy and RP2+Opdivo combo. RP3+Opdivo combo initial data is also expected later in 2022.
- RP1 data demonstrates superiority over Amgen Inc’s Imlygic (approved in 2015 for r/r melanoma, $67M revs 2021), and broader adoption and commercial success are expected.
- Early combo data in CSCC showed 64% ORR, with a CR of 47.1%. This is a meaningful improvement vs. PD1i monotherapy (Libtayo 47% ORR and 4% CR; Keytruda 34% ORR and 4% CR; Opdivo 55% ORR and 0% CR), the analyst says.
- Last year, Replimune obtained a $200 million non-dilutive term loan facility from Hercules Capital Inc .
- This non-dilutive capital extends the cash runway into 2025.
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