Morgan Stanley analyst Mike Ulz downgraded IO Biotech (IOBT) to Underweight from Equal Weight with a price target of 36c, down from 39c, after the Phase 3 study for lead program, Cylembio in melanoma, failed and the FDA recommend against regulatory filing. While the firm continues to believe Cylembio may have potential, more data are needed for confirmation, which could take several years, the analyst added.
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