- Last Thursday, Replimune Group Inc SUBSTITUTE announced an initial data snapshot of the first 75 patients from the anti-PD1 cohort with failed skin melanoma of the IGNYTE clinical trial.
- The overall response rate (ORR) was 36% and the complete response rate (CR) was 20% compared to the 12.5% shown in FIG previous 16 patients presented in June 2022.
- BMO Capital Markets raised the Price target from $40 to $70with an outperform rating.
- The improved CR coupled with longer-term durability surpasses the 28% hurdle rate required to support a submission.
- The analyst says the updated target price reflects a 60% probability of success in the US and 30% outside the US based on IGNYTE data.
- The analyst writes that the data show an unprecedented response to the oncolytic therapy, which has been criticized in the past for its unremarkable effectiveness despite favorable safety.
- BMO also writes that the data not only provides the needed PoC investors, but also validates both the skin cancer franchise and the oncolytic virus platform.
- Price promotion: REPL shares are up 3.16% to $25.79 on Monday’s latest check.
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