First off, the disclaimers: this is not the Scottish company Merck acquired back in January of 2016. But it is. . . working the same heaters / pitch count, in the same ballpark.
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 pre-market 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.
नमस्ते
Powerline Lies... 