Shares of Replimune Group surged Friday after a Food and Drug Administration panel voted in favor of the biotechnology company's experimental skin cancer treatment.

The stock soared 132% to $12.56 in premarket trading on Friday after ending Thursday up 1%. Shares enter Friday's session down 44% this year.

The company late Thursday announced a FDA advisory committee voted 10-3 on the question of whether the results from its IGNYTE study on its experimental advanced melanoma treatment were "valuable and clinically meaningful."

Wedbush Securities analyst Robert Driscoll upgraded Replimune to Outperform from Neutral and raised his price target to $12 from $9 on the FDA panel result.

Driscoll noted that while the FDA repeated concerns regarding inadequacies in the IGNYTE study design, he believes the strength of efficacy signals and the treatment's compelling benefit to risk profile persuaded the vocal melanoma physician panel members to vote in favor.

Cantor Fitzgerald also upgraded Replimune to Overweight from Neutral on Friday.

The firm wrote that the "overwhelmingly positive" outcome together with "compelling" testimony from patients and physicians at the meeting, materially increases the likelihood the FDA grants accelerated approval for the treatment.