Piper Sandler Friday night downgraded IO Biotech (IOBT) to Neutral from Overweight with a price target of 50c, down from $3. The firm cites the company’s intention to explore strategic opportunities to maximize shareholder value for the downgrade. While the underlying science behind IO’s T-win platform and lead candidate cylembio is promising, the company continues to face capital constraints, the analyst tells investors in a research note. Piper stepped to the sidelines, saying there’s no assurance the company’s strategic alternatives process will pan out favorably, or that a transaction will be completed on attractive terms.
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