H.C. Wainwright lowered the firm’s price target on Replimune Group to $10 from $48 and keeps a Buy rating on the shares after Replimune announced earlier this week that RP1 plus Libtayo failed to show a statistically significant improvement versus Libtayo monotherapy in the two primary endpoints of ORR and CR in the registration-directed Phase 2 CERPASS trial. Given the miss on the primary endpoints, the firm does not see RP1 plus Libtayo being approved in first-line CSCC and has removed it from the firm’s valuation, leading to the target cut.
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