The results of the clinical trial came in just short of being statistically-significant, but an about ten month survival benefit was seen -- so that's quite encouraging. Here's the whole story -- and IO's stock is up about 7% on the morning pre-market, on the news:
. . .IO Biotech said on Monday its experimental combination cancer vaccine helped slow the disease's progression in a late-stage study, but narrowly missed the main goal as the results did not show statistical significance.
Shares of the drug developer, which had surged as much as 50% in premarket trading, were last trading 7.2% up before the bell. . . .
The company said patients who received the vaccine, in combination with Merck's Keytruda®, lived without their disease getting worse for a median of 19.4 months, compared to 11 months for those who received Keytruda® alone. . . .
Now you know. . . but by late morning, the IO shares were seeing a "buy the sizzle; sell the steak" effect -- with many traders selling, to lock in their profits -- and so, it is now down about 20% -- from Friday's close. So it goes. IO will recover from this temporary dip, sez Condor. Onward.
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