Jefferies analyst Andrew Tsai noted that the FDA has issued another complete response letter rejection to Replimune (REPL) for Tudriqev in second-line advanced melanoma. Although Replimune was "technically not an overhang" on Iovance Biotherapeutics (IOVA) stock, the situation does mean one less competitor in the near-term, says the analyst, who can see a potential 5%-15% stock move on the news. The firm, which adds that the Iovance story "remains centered on" Amtagvi's sales acceleration and margin expansion in 2026, has a Buy rating and $12 price target on the shares.
