IO Biotech shares surge 10.85% intraday after positive Phase 3 trial results for Cylembio plus Keytruda in advanced melanoma.

IO Biotech (NASDAQ:IOBT) surged 10.85% intraday following reports of its participation in upcoming December investor conferences and a stock rating upgrade by Wall Street. The upgrade, coupled with the company’s announcement to engage with investors, signaled renewed institutional confidence in its strategic outlook. While recent months saw mixed news—including FDA setbacks and downgrades from analysts—the immediate intraday rally aligned with the positive sentiment around the upgraded rating and heightened visibility from conference participation, which likely attracted short-term buying interest.