Shares of Replimune Group Inc. (REPL) tumbled 5.06% in Friday's trading session following a significant price target cut by Leerink Partners. The biotech company, known for its work in oncolytic immunotherapies, saw its stock price target reduced from $13 to $11 by the investment firm, sparking concerns among investors about the company's near-term prospects.

The sharp decline comes amid a flurry of clinical research activity from Replimune. The company recently published two studies: one focusing on anti-PD-1-failed non-melanoma skin cancer (NMSC) and MSI-H/dMMR solid tumors, and another on RP1 immunotherapy for anti-PD-1-failed solid tumors. While these studies demonstrate Replimune's ongoing efforts in advancing cancer treatments, they appear to have done little to offset the negative sentiment generated by the lowered price target.

Investors and analysts will likely be closely watching Replimune's upcoming announcements and clinical trial results to gauge the company's potential for recovery. The biotech sector is known for its volatility, and Replimune's ability to deliver positive outcomes from its ongoing research could be crucial in reversing the current downward trend in its stock price.