Piper Sandler initiated coverage of IO Biotech with an Overweight rating and $10 price target. The company has “differentiated I/O approach with derisking ” Phase 1/2 data in metastatic melanoma and promising efficacy data in another indication, the analyst tells investors in a research note. Yet, IO Biotech has a negative enterprise value of $97M, says Piper. It believes the market “seems to be pricing in failure.”
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