Replimune price target lowered to $6 from $31 at Jefferies

Jefferies analyst Roger Song lowered the firm’s price target on Replimune (REPL) to $6 from $31 and keeps a Buy rating on the shares. The complete response letter is a “big surprise” since the cited issues were not raised during the review process, the analyst tells investors in a research note. Jefferies “conservatively” pushed the launch of RP1 back by three years and reduced its probability of sucess to 35% from 80%.