IO Biotech shares are trading lower after the company announced the IDMC observed no new safety signals in the Phase 3 trial of IO102-IO103. Also, Morgan Stanley maintained an Overweight rating on the stock but lowered its price target from $7 to $4.
Portfolio Pulse from Benzinga Newsdesk
IO Biotech shares fell after the company reported no new safety signals in its Phase 3 trial of IO102-IO103. Morgan Stanley maintained an Overweight rating but reduced the price target from $7 to $4.
September 03, 2024 | 12:19 pm
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IO Biotech's stock is under pressure as Morgan Stanley lowers its price target from $7 to $4, despite the Phase 3 trial of IO102-IO103 showing no new safety signals.
The reduction in the price target by Morgan Stanley is likely to negatively impact IO Biotech's stock price in the short term, despite the positive news of no new safety signals in the trial. The market often reacts strongly to changes in analyst ratings and price targets.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100