Leerink Upgrades Replimune To Outperform

REPL Leerink upgraded Replimune to Outperform from Market Perform with a price target of $17, up from $11.

The firm has "high conviction" the FDA will grant RP-1 plus nivolumab accelerated approval.

The FDA advisory panel's 10-3 positive vote, agreement on the setting's unmet-need, an ongoing confirmatory trial, and the political backdrop "leave the agency boxed into approval," the analyst tells investors in a research note.

Once approved, Leerink expects strong demand given RP1's relative ease of access and benign safety profile.