Why Are Shares Of IO Biotech Plummeting?
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Shares of IO Biotech, Inc. (NASDAQ: IOBT) are plummeting after the company filed for Chapter 7 bankruptcy and will cease operations in Delaware. The stock fell about 73% to roughly $0.046, reflecting a significant sell-off treated as an insolvency event. IOBT is trading far below key averages, down 96.09% over the past year, with no clear support levels defined. Despite some bullish momentum indicators, the overall trend remains deeply bearish, with key resistance at 50 cents.
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