BMO holds Replimune stock on positive trial momentum By Investing.com

On Friday, BMO Capital maintained its Outperform rating and $14.00 price target for Replimune Group (NASDAQ:) stock, a biotechnology company specializing in oncology therapies.

The firm’s stance comes in the wake of Replimune’s recent presentation of longer-term IGNYTE data at the American Society of Clinical Oncology (ASCO) meeting and the subsequent positive results from an independent central review.

These developments are seen as key drivers of the company’s momentum towards its Biologics License Application (BLA) submission, anticipated in the second half of 2024.

The positive reception of the data was immediately reflected in Replimune’s stock performance, with shares surging by 26% since the market opened on Friday.

BMO Capital’s analyst highlighted the significance of the independent review in providing a clearer path to the BLA submission for Replimune’s therapies.

The firm also noted the increasing potential in the melanoma treatment market, which Replimune is targeting with its clinical programs.

Replimune’s management team has been commended for their renewed vigor following the CERPASS trial readout. The analyst from BMO Capital expressed optimism about the progress the team is making and the strategic focus on execution as the company moves closer to the BLA submission milestone.

The company’s stock appreciation is seen as justified by the market, given the clarity and positive outlook provided by the recent independent review and data presentations.

Replimune’s focus on advancing its clinical pipeline and preparing for regulatory submissions is central to its strategy and potential future success in the oncology field.

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