Leerink upgrades Replimune on renewed confidence in RP1

Leerink analyst Jonathan Chang upgraded Replimune (REPL) to Outperform from Market Perform with a price target of $13, up from $3, after FDA accepted the application resubmission of RP1 plus nivolumab in anti-PD-1 failed melanoma with an action date of April 10, 2026. Following the news and a talk with management, Leerink has renewed confidence in RP1. It sees potential approval of RP1 and nivolumab by the action date and first patient dosing in the RP2 plus durvalumab biliary tract cancer maintenance cohort in the second half of 2025 as potential catalyst for the shares.