REPL, HOTH, ONCO Stocks Hit 52-Week Lows: What's Driving The Selloff In These Biotech Plays?

• REPL came under pressure after the FDA issued a second Complete Response Letter for RP1 with nivolumab in anti-PD-1-failed melanoma.
• HOTH declined after a $2 million stock offering, along with attached warrants, raised dilution concerns despite recent pipeline updates.
• ONCO is on a major slide after its reverse stock split, while its pending all-stock acquisition of Realbotix has yet to improve investor sentiment.

Shares of Replimune (REPL), Hoth Therapeutics (HOTH), and Onconetix (ONCO) hit fresh 52-week lows on Monday following an FDA setback, a discounted offering, and a reverse split that underscored listing-compliance pressure. 

On Monday, REPL fell 64%, HOTH slipped 1% and ONCO declined 27%, while the Health Care Select Sector SPDR Fund (XLV) rose 0.5%.

Regulatory Setback Pressures REPL Shares Again

Pressure on REPL intensified recently after the U.S. Food and Drug Administration (FDA) issued a second Complete Response Letter (CRL) for its lead drug RP1 in combination with Nivolumab in anti-PD-1-failed melanoma, extending regulatory uncertainty that had already followed an earlier CRL last year.

The latest development triggered a wave of analyst downgrades across Wall Street. Jefferies said the company faces “a tough road ahead” following the FDA’s response, while BMO Capital said the CRL “lays bare the lack of alignment with the FDA and Replimune” throughout clinical development and warned the revised regulatory pathway may now require additional trials.

JPMorgan called the outcome “disappointing,” adding it had previously believed “the totality of the data for RP1 warranted an approval.” 

Stock Offering Weighs On HOTH Stock

HOTH declined after the company announced earlier this month a stock offering priced at $0.7 per share, expected to generate about $2 million in gross proceeds before expenses, along with warrants exercisable at $0.85.

The financing overshadowed pipeline updates over the past month, when the company reported interim Phase 2 progress for HT-001, a topical therapy to treat skin toxicities caused by epidermal growth factor receptor (EGFR) inhibitor cancer treatments. The trial showed that patients reached the primary efficacy endpoint by the sixth week and demonstrated “strong patient benefit across multiple clinically meaningful measures.” 

However, shares caught a break in after-hours trading on Monday, jumping over 60%, after preclinical data showed its HT-VA (GDNF) therapy improved key gene markers linked to fat production and metabolism and outperformed Novo Nordisk's semaglutide on liver-fat regulation signals.

ONCO Slides Despite Realbotix Merger Progress

ONCO shares have remained weak since the company implemented a 1-for-5 reverse stock split, effective March 25, to maintain compliance with Nasdaq’s minimum bid price requirement.

The reverse split followed a September equity raise of $12.9 million through Series D preferred stock and warrants, with proceeds used in part to reduce outstanding debt and support working capital following the termination of a previously planned merger with Ocuvex.

In February, the company entered into an agreement to acquire Realbotix in an all-stock transaction expected to close in the second half of 2026. Realbotix reported delivering its first Vinci-equipped humanoid robot to Ericsson this month and said the platform enables robots to “recognize returning users, recall previous conversations, and track engagement.” The company expects deliveries of 19 robots across March, April and May as production scales.

How Do Retail Traders Feel About REPL, HOTH, ONCO?

On Stocktwits, retail sentiment for REPL was ‘bearish’ amid ‘extremely high’ message volume, while sentiment for both HOTH and ONCO remained ‘extremely bullish,’ also accompanied by ‘extremely high’ message volume.

Over the past year, REPL has fallen 77%, HOTH down 36% and ONCO declining 97%, with all three stocks underperforming the broader XLV ETF, which rose 10% over the same period.

For updates and corrections, email newsroom[at]stocktwits[dot]com.

Read Next: ImmunityBio Founder Pushes Back After FDA Warning Letter Over Anktiva Claims — Says Ad 'Never Aired At All'