Morgan Stanley raised the firm’s price target on IO Biotech to $6 from $4 and keeps an Overweight rating on the shares. Updated Phase 2 data presented at ESMO for IO102-IO103 in combination with pembrolizumab in advanced head and neck squamous cell carcinoma, or SCCHN, further confirm the potential of the program in a second indication and increases the firm’s conviction ahead of key Phase 3 melanoma data, the analyst tells investors.
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