Replimune stock surges after the company aligned with the FDA on plans to resubmit its BLA for RP1 plus Opdivo in advanced melanoma.
Replimune representatives met with White House officials in early May and by the end of month, the Food and Drug Administration was planning to review the melanoma medication again.
Replimune said it plans to resubmit its melanoma drug for approval following two earlier rejections. The move follows the departure of Food and Drug Administration Commissioner Marty Makary.
Replimune said on Friday it it has reached an agreement with the U.S. Food and Drug Administration to resubmit the marketing application for its experimental skin cancer drug after the regulator twice declined to approve the therapy.
Experimental melanoma drug was rejected twice because the Food and Drug Administration questioned its study design.
Replimune Group, Inc.'s RP1 has failed at the FDA twice, but Makary's resignation keeps a resubmission possible. REPL's cash runway stands at under a year; workforce cuts and RP1 discontinuation are being considered. I maintain a cautious Buy on the ability for REPL to court surprising, bold turnarounds. I don't think this story is over.
Health Secretary Robert F. Kennedy Jr. told a Senate hearing on Wednesday that he had nothing to do with the U.S. FDA's decision to not approve Replimune's drug for advanced skin cancer, saying it was in the hands of the agency's Commissioner Dr. Marty Makary.
REPL stock plunges after a second FDA CRL delays RP1 melanoma approval, casting doubt on its regulatory path and near-term growth plans.
Replimune Group (NASDAQ:REPL) shares fell roughly 63% following the company's disclosure that it received a Complete Response Letter (CRL) from the US Food and Drug Administration, effectively blocking the approval of its lead melanoma therapy RP1 in combination with nivolumab. The decision represents a significant setback for the biotechnology company, which had been seeking approval based on data from its IGNYTE clinical program in patients with advanced melanoma who had progressed on prior anti-PD-1 therapy.
The mean of analysts' price targets for Replimune Group (REPL) points to a 79.6% upside in the stock. While this highly sought-after metric has not proven reasonably effective, strong agreement among analysts in raising earnings estimates does indicate an upside in the stock.
Replimune Group, Inc. (REPL) Presents at 44th Annual J.P. Morgan Healthcare Conference Transcript
REPL shares soar 131.1% over the past three months after the FDA accepts its resubmitted BLA for the RP1/Opdivo combo in advanced melanoma.