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REPL · Analysis updated Nov 10, 2026, 6:00 PM ET
Why is Replimune Group, Inc. (REPL) stock moving?
REPL has risen from about $11.99 on Oct 22 to $23.28 on Nov 10, a gain of roughly 94%, and closed at the top of its 30-day range. The move began with fiscal Q2 2027 results on Oct 28, when the stock jumped about 23% from $13.05 to $16.06 on volume of 7.28M shares, roughly three times its prior average. The company reported a loss of $0.54 per share against a $0.77 estimate and said TUDRIQEV, its melanoma therapy in combination with nivolumab, has been commercially available since early October. Management cited more than 15 prescribing institutions, engagement with over 70% of its initial 200 priority accounts, a broad label that covers patients after PD-1 progression, a category 2A NCCN guideline listing, and more than a year of inventory. Analysts followed with higher targets: Leerink raised its target from $19 to $31 and JP Morgan from $21 to $27, both keeping or assigning positive ratings. Price has kept climbing since then, with daily volume settling to about 3M shares, which suggests steady demand rather than a single spike. Caveats: the filing excerpt provided gives no revenue or prescription volume figures, so the commercial pace is still unquantified; the IGNYTE-3 Phase 3 confirmatory trial is still enrolling, so its outcome is a major event ahead; and the stock now trades below the Leerink target but close to JP Morgan's $27 target, and Jim Cramer called it speculative.
News behind the analysis
- Replimune Reports Fiscal Second Quarter 2027 Financial ResultsReplimune reported fiscal Q2 2027 results for the quarter ended September 30, 2026, with a business update. TUDRIQEV, which was first delivered to patients on October 6, has more than 15 institutions prescribing it.
- Replimune Group Q2 EPS $(0.54) Beats $(0.77) EstimateReplimune's second-quarter loss per share of $0.54 was smaller than the $0.77 loss analysts had expected.
- Replimune Group Q2 2027 Earnings Call TranscriptThe transcript of Replimune's fiscal second-quarter 2027 earnings call, held on October 28, is now available.
- Leerink Partners Maintains Outperform on Replimune Group, Raises Price Target to $31Leerink Partners kept its Outperform rating on Replimune and raised its price target from $19 to $31.
- Leerink Partners Maintains Outperform Rating and Raises Price Target for Replimune GroupLeerink Partners maintained its Outperform rating on Replimune and increased its price target from $19 to $31.
- JP Morgan Raises Replimune Group, Inc. Price Target to $27JP Morgan raised its price target for Replimune from $21 to $27.
- Jim Cramer Recommends FedEx: ‘Very Nice Move Off The Bottom’Jim Cramer called Replimune speculative in a segment that mainly favored FedEx and Celestica, so this is a minor mention.
About Replimune Group, Inc.
Replimune is a biotech company based in Woburn, Massachusetts, that develops oncolytic immunotherapies: modified herpes viruses designed to infect and kill tumor cells while also stirring up the immune system against the cancer. In August 2026, on its third attempt, the FDA granted accelerated approval to its lead product RP1 (vusolimogene oderparepvec, sold as TUDRIQEV) for advanced melanoma, and the drug became available in the US in October 2026.
How it makes money
Replimune has only just started selling its first product, TUDRIQEV, for advanced melanoma, mainly used together with the immunotherapy nivolumab (Opdivo). Revenue so far is very small, and the company still runs large losses: roughly $314 million in the fiscal year ended March 2026, and about $57 million in the quarter ended September 2026. It pays for research and its commercial launch mainly by selling new shares, including an equity offering of about $150 million in August 2026. Other programs, such as RP2 for other solid tumors, are still in clinical trials.
What usually moves REPL
- TUDRIQEV launch sales and uptake by doctors
- FDA decisions and confirmatory trial results for RP1
- Clinical data for RP2 and other pipeline programs
- Cash runway and share sales that dilute existing holders
- Litigation over the RP1 approval process