Wedbush raised the firm's price target on Replimune to $6 from $2 and keeps a Neutral rating on the shares. The firm notes the company announced resubmission and reconsideration for the Biologics License Application for RP1 plus nivolumab in advanced melanoma following discussion with the FDA. As a reminder, this is the third BLA submission for Replimune, following the original Complete Response Letter last year citing lack of confidence in the IGNYTE trial in establishing substantial evidence of efficacy, the company resubmitted the BLA, with denial once again coming in April following what Wedbush can best describe as "a clown show by the FDA." The firm continues to believe the RP1/nivo profile is fit for approval.
