IO Biotech, the Healthcare sector company, was revisited by a Wall Street analyst today. Analyst Emily Bodnar from H.C. Wainwright maintained a Buy rating on the stock and has a $14.00 price target.
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Emily Bodnar has given her Buy rating due to a combination of factors surrounding IO Biotech’s recent developments and future potential. The company’s pivotal Phase 3 trial for their Cylembio therapy, in combination with pembrolizumab, showed a clinically meaningful improvement in progression-free survival (PFS) for patients with advanced or metastatic melanoma. Although the trial narrowly missed its primary endpoint, the combination therapy demonstrated a significant benefit in specific patient subgroups, particularly those without prior exposure to anti-PD-(L)1 therapies and those with PD-L1 negative tumors.
The upcoming meeting with the FDA to discuss a potential Biologics License Application (BLA) filing could position Cylembio as a first-in-class cancer vaccine if approved. Additionally, IO Biotech’s pipeline includes promising Phase 2 trials for other cancer types, with data expected in the near future. These factors contribute to the positive outlook and justify the Buy rating, as the company’s innovative therapies have the potential to address unmet medical needs in oncology.
In another report released on August 12, Morgan Stanley also maintained a Buy rating on the stock with a $4.00 price target.