Stock decline of Replimune on a daily basis
In a turbulent day for the biotech sector, Replimune Group Inc.'s stock took a significant hit. The company's shares declined nearly 40% the previous day, closing at $3.23.
On Friday, the stock continued to slide, dropping almost 7%. This downturn came after Anupam Rama from J.P. Morgan changed his recommendation on Replimune from neutral to underweight (sell). Rama also withdrew his $6 price target for the company's stock.
JPMorgan Chase is not the only analyst adjusting their stance on Replimune. On the same day, An analyst Raghuram Selvaraju of H.C. Wainwright reiterated his neutral recommendation on the stock, but it remains unclear what price target he set for Replimune.
The decline in Replimune's stock price could be attributed to a lack of new information about the performance of its investigational melanoma treatment RP1 in clinical testing. Additionally, the outcome of Replimune's talks with the FDA was inconclusive, adding to the uncertainty surrounding the company.
Despite the recent setbacks, it's worth noting that Replimune's stock has a 52-week range of $2.68 - $17.00. The company's market cap currently stands at $252M, with an average volume of 9,599,366 shares. Today, the volume of Replimune's stock reached 9,163,966 shares.
In a broader market context, the S&P 500 gained 0.5% on Friday, offering a contrast to Replimune's fortunes.
As the situation develops, investors will be eagerly awaiting any new updates from Replimune regarding its clinical trials and discussions with the FDA.
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