IO Biotech Stock Plunges 34% After Announcement Of Phase 3 Trial Results For Cancer Vaccine

(RTTNews) - IO Biotech, Inc. (IOBT) shares fell 34.25 percent to $1.19, down $0.62 on Monday, after the company announced topline results from its pivotal Phase 3 trial of the cancer vaccine Cylembio in combination with Merck's KEYTRUDA for advanced melanoma. While the treatment showed an improvement in progression-free survival over KEYTRUDA alone, it narrowly missed statistical significance for the primary endpoint.

The stock opened at $1.88 and traded between $1.18 and $2.04, with volume surging to 70.37 million shares, far above the average of 0.32 million on the Nasdaq.

IO Biotech's 52-week range is $0.66 to $2.48.