BUZZ-Replimune slumps after FDA drug rejection prompts downgrades

Reuters04-13 17:01
BUZZ-Replimune slumps after FDA drug rejection prompts downgrades

** Shares of Replimune REPL.O plunge 56% to $2.09 premarket

** J.P. Morgan downgrades biotech firm's stock to "underweight" from "neutral", withdraws price target of $10

** JPM says the U.S. Food and Drug Administration's second complete response letter $(CRL)$ highlights concerns over design of REPL's trials for its drug to treat advanced skin cancer

** The CRL creates "greater uncertainty" over the prospects of the therapy and whether data from the trials will be satisfactory for the FDA - brokerage

** Piper Sandler also downgrades stock to "neutral" from "overweight"

** The regulator declined to approve REPL's drug for a second time on Friday, citing insufficient data from studies

** The second consecutive rejection sent the stock down more than 19% in the previous session

** Five analysts rate stock "buy" or higher, two "hold" and one "sell", median PT at $11.50 - data compiled by LSEG

** REPL has lost more than half its value since the beginning of 2026

(Reporting by Purvi Agarwal in Bengaluru)

((Purvi.Agarwal@thomsonreuters.com;))

At the request of the copyright holder, you need to log in to view this content

Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.

Comments

We need your insight to fill this gap
Leave a comment