IO Biotech’s Hold Rating Amid Financial and Regulatory Uncertainty
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Morgan Stanley analyst Michael Ulz maintains a Hold rating on IO Biotech with a $0.39 price target due to financial and regulatory uncertainties. The company awaits an FDA meeting in December for its Phase 3 trial design of Cylembio, a drug with promising but not statistically significant Phase 2 results. IO Biotech's cash reserves are limited, supporting operations only until Q1 2026. Ulz suggests a wait-and-see approach for clarity on financial and regulatory paths. Ulz is a 3-star analyst with a 2.6% average return and 43.71% success rate.
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