Replimune Group shares fall 76.96% premarket after FDA rejects RP1 approval for advanced melanoma.

Replimune Group, Inc. plummeted 76.96% in premarket trading, following the FDA's rejection of its Biologics License Application for RP1 in combination with nivolumab for advanced melanoma treatment. The FDA issued a Complete Response Letter, citing inadequate clinical trial evidence, which led to a significant decline in the stock price.