Last Thursday, Replimune Group IncREPL announced an initial data snapshot from the first 75 patients from the anti-PD1 failed cutaneous melanoma cohort of the IGNYTE clinical.
The overall response rate (ORR) was 36%, and the complete response (CR) rate was 20% compared to the 12.5% shown in the prior 16 patients presented in June 2022.
The improved CR paired with longer-term durability beat the 28% hurdle rate needed to support a filing.
The analyst says that the updated price target reflects a 60% probability of success in the U.S. and 30% ex-US based on IGNYTE data.
The analyst writes that data demonstrate an unprecedented response to oncolytic therapy, which has been criticized historically for unremarkable efficacy, despite favorable safety.
BMO also writes that data not only provides the PoC investors needed but it also validates both the skin cancer franchise and the oncolytic virus platform.
Price Action: REPL shares are up 3.16% at $25.79 on the last check Monday.
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