Replimune Group price target raised to $70 from $40 at BMO Capital

BMO Capital analyst Evan Seigerman raised the firm’s price target on Replimune Group to $70 from $40 and keeps an Outperform rating on the shares. The analyst is citing the company’s s IGNYTE data in anti-PD1-failed melanoma released last week which showed 36% overall response rate, 20% complete response, and consistently favorable safety. The data firmly validates RP1 and broader platform, Seigerman tells investors in a research note, adding that RP1 is likely to be a successful therapeutic in the treatment of skin malignancies.