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Replimune double downgraded to Underperform from Outperform at BMO Capital

Replimune double downgraded to Underperform from Outperform at BMO Capital

BMO Capital double downgraded Replimune (REPL) to Underperform from Outperform with a price target of $2, down from $27. While the firm continues to think that RP1 represents a 'real drug,' the simple reality is that Replimune will likely need to re-run its clinical studies to get to approval and may not have enough cash on its books to get there, the analyst tells investors in a research note. The firm added that it believes more clarity on a path forward and significant restructuring are needed, while Replimune will likely underperform its peer group in the interim.
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