Replimune downgraded at Leerink after CRL

Leerink downgraded Replimune (REPL) to Market Perform from Outperform with a price target of $3, down from $21, after the FDA issued a Complete Response Letter for RP1 plus nivolumab in anti-PD-1-failed melanoma. While acknowledging uncertainties about the outcome of the potential Type A meeting with the FDA in August, the firm is “conservatively” removing the anti-PD-1 failed melanoma opportunity from its valuation until there is more visibility, the analyst tells investors.