Barclays downgrades Replimune on ‘high degree of uncertainty’

Barclays downgraded Replimune (REPL) to Equal Weight from Overweight with a price target of $3, down from $17. The “surprising” complete response letter for RP1 creates a “high degree of uncertainty” around Replimune’s lead and subsequent assets, the analyst tells investors in a research note. The firm says the same technology is used in many of the company’s assets. Barclays reduced its probability of sucess for RP1 and RP2 and pushed out commercialization by three years.