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 including the promising results from IO Biotech’s Phase 3 trial for the treatment of advanced or metastatic melanoma. Despite a slight miss on the primary endpoint p-value, the data showed a significant improvement in progression-free survival (PFS) when IO102-IO103 was combined with pembrolizumab, compared to pembrolizumab alone. This combination demonstrated an impressive median PFS benefit of over 8 months, which is a notable achievement in this therapeutic area.
Additionally, the safety profile of the combination therapy was comparable to pembrolizumab alone, with only mild to moderate injection site reactions reported, suggesting no added toxicity. The ongoing trends in overall survival (OS) also appear favorable, and the company plans to engage with the FDA for potential approval pathways. These positive clinical outcomes and strategic plans for regulatory engagement underpin Bodnar’s optimistic outlook on IO Biotech’s stock.