IO Biotech Stock Plummets 77% as FDA Recommends Another Trial For Cancer Vaccine

IO Biotech (IOBT) stock fell 77% after the company announced that the U.S. Food and Drug Administration (FDA) recommended it conduct another clinical trial before submitting its cancer vaccine, Cylembio, for approval. The news followed a late-stage trial in August where Cylembio, in combination with Pembrolizumab, did not meet its primary endpoint of improving progression-free survival in patients with advanced melanoma.