TD Cowen downgraded IO Biotech (IOBT) to Hold from Buy without a price target after the FDA recommended the company not file an application for Cylembio plus pembrolizumab in melanoma. IO is reducing its workforce by 50% but the company’s cash “is tight” at $38M into Q1 of 2026, the analyst tells investors in a research note. TD cites IO’s lack of late-stage catalysts for the downgrade.
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