IO Biotech (NASDAQ:IOBT) Earns Buy Rating from HC Wainwright

HC Wainwright reiterated their buy rating on shares of IO Biotech (NASDAQ:IOBT – Get Rating) in a research note released on Wednesday, Benzinga reports. The brokerage currently has a $10.00 target price on the stock. HC Wainwright also issued estimates for IO Biotech’s Q1 2023 earnings at ($0.74) EPS, Q2 2023 earnings at ($0.82) EPS, Q3 2023 earnings at ($0.93) EPS, Q4 2023 earnings at ($1.04) EPS, FY2023 earnings at ($3.54) EPS, FY2024 earnings at ($2.15) EPS, FY2025 earnings at ($1.52) EPS, FY2026 earnings at ($1.15) EPS and FY2027 earnings at ($0.79) EPS.

Separately, Morgan Stanley dropped their price objective on IO Biotech from $15.00 to $11.00 and set an overweight rating on the stock in a research note on Tuesday, January 24th.

IO Biotech Stock Performance

IO Biotech stock opened at $1.98 on Wednesday. The stock’s fifty day moving average is $2.60 and its two-hundred day moving average is $2.67. IO Biotech has a fifty-two week low of $1.91 and a fifty-two week high of $9.77. The firm has a market capitalization of $39.05 million, a price-to-earnings ratio of -0.80 and a beta of -0.61.

Institutional Investors Weigh In On IO Biotech

A number of institutional investors have recently added to or reduced their stakes in the company. Psagot Value Holdings Ltd. Israel purchased a new stake in shares of IO Biotech during the 3rd quarter valued at $111,000. Victory Capital Management Inc. bought a new stake in IO Biotech during the third quarter valued at approximately $119,000. Bank of America Corp DE boosted its position in shares of IO Biotech by 18,441.9% in the fourth quarter. Bank of America Corp DE now owns 1,854,185 shares of the company’s stock worth $4,265,000 after purchasing an additional 1,844,185 shares during the period. Citadel Advisors LLC lifted its holdings in shares of IO Biotech by 192.4% in the third quarter. Citadel Advisors LLC now owns 42,180 shares of the company’s stock worth $114,000 after buying an additional 27,754 shares in the last quarter. Finally, Jane Street Group LLC purchased a new stake in IO Biotech during the first quarter valued at $76,000. 53.23% of the stock is owned by institutional investors.

IO Biotech Company Profile

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IO Biotech, Inc, a clinical-stage biopharmaceutical company, develops immune-modulating cancer therapies based on the T-win technology platform. The company's lead product candidate, IO102-IO103, which is designed to target immunosuppressive proteins, such as Indoleamine 2,3-dehydrogenase (IDO), and programmed death-ligand (PD-L1) that is in phase 2 clinical trial to treat melanoma, as well as in phase 1 clinical trial to treat lung, head and neck, bladder, and melanoma cancer.