Core Viewpoint - Piper Sandler downgraded IO Biotech (IOBT) to Neutral from Overweight, with a price target reduced to 50 cents from $3, due to the company's exploration of strategic opportunities to maximize shareholder value [1] Company Analysis - The underlying science behind IO Biotech's T-win platform and lead candidate cylembio is considered promising [1] - The company is currently facing capital constraints, which raises concerns about its financial stability [1] - There is uncertainty regarding the outcome of the company's strategic alternatives process and whether any transaction will be completed on favorable terms [1]