Replimune Group Inc. (REPL) shares unexpectedly plummeted 5.76% in pre-market trading on Tuesday, despite receiving several positive analyst upgrades. The stark contrast between the stock's performance and the seemingly positive news has left investors puzzled.

Multiple financial institutions revised their outlook on Replimune Group. Piper Sandler upgraded the stock to Overweight from Neutral and raised its price target to $13 from $8. Similarly, JP Morgan upgraded REPL to Neutral from Underweight. These upgrades would typically signal bullish sentiment and drive the stock price higher.

However, the pre-market plunge suggests that investors may be focusing on less optimistic views. Notably, Barclays maintained a Hold rating on Replimune Group with a significantly lower price target of $3.00. This conservative outlook from Barclays could be weighing heavily on investor sentiment, potentially explaining the stock's downward movement despite the other upgrades. The disparity in analyst opinions highlights the uncertainty surrounding Replimune Group's future prospects, leading to increased volatility in its stock price.