IO Biotech (NASDAQ:IOBT) Lowered to “Sell” Rating by Wall Street Zen

IO Biotech (NASDAQ:IOBT) was downgraded by Wall Street Zen from a “hold” rating to a “sell” rating in a note issued to investors on Monday.

A number of other research analysts have also recently commented on the stock. TD Cowen restated a “hold” rating on shares of IO Biotech in a report on Tuesday, September 30th. HC Wainwright cut shares of IO Biotech from a “buy” rating to a “neutral” rating in a research report on Monday, September 29th. Morgan Stanley lowered shares of IO Biotech from an “overweight” rating to an “equal weight” rating in a research report on Tuesday, September 30th. Piper Sandler decreased their price target on shares of IO Biotech from $10.00 to $3.00 and set an “overweight” rating for the company in a research note on Wednesday, October 22nd. Finally, Weiss Ratings reissued a “sell (e+)” rating on shares of IO Biotech in a research note on Monday, December 22nd. One research analyst has rated the stock with a Buy rating, four have issued a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat, IO Biotech has an average rating of “Hold” and a consensus target price of $6.33.

IO Biotech Trading Up 0.1%

Shares of NASDAQ IOBT opened at $0.74 on Monday. IO Biotech has a fifty-two week low of $0.32 and a fifty-two week high of $2.79. The company has a debt-to-equity ratio of 18.29, a quick ratio of 2.01 and a current ratio of 2.01. The company has a market cap of $53.17 million, a price-to-earnings ratio of -0.55 and a beta of 0.47. The business’s 50 day moving average price is $0.80 and its 200-day moving average price is $1.26.

IO Biotech (NASDAQ:IOBT) last posted its quarterly earnings data on Friday, November 14th. The company reported ($0.28) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.31) by $0.03. On average, sell-side analysts expect that IO Biotech will post -1.35 earnings per share for the current year.

Hedge Funds Weigh In On IO Biotech

A number of hedge funds and other institutional investors have recently modified their holdings of the business. Jane Street Group LLC purchased a new position in IO Biotech during the first quarter valued at approximately $26,000. NewEdge Advisors LLC purchased a new stake in IO Biotech during the second quarter worth $34,000. Marex Group plc bought a new stake in IO Biotech during the 2nd quarter valued at $63,000. Boothbay Fund Management LLC purchased a new position in shares of IO Biotech in the 3rd quarter valued at $215,000. Finally, Millennium Management LLC purchased a new position in shares of IO Biotech in the 3rd quarter valued at $506,000. 54.76% of the stock is currently owned by institutional investors.

About IO Biotech

IO Biotech ApS is a clinical-stage biotechnology company headquartered in Copenhagen, Denmark, specializing in the development of novel immuno-oncology therapies. The company’s proprietary platform focuses on activating and sustaining anti-tumor immune responses by targeting the PD-L1 immune checkpoint. IO Biotech’s lead candidate, IO-VAC(R), is a peptide-based cancer vaccine designed to induce durable T-cell responses against PD-L1–expressing tumors.

Since its founding in 2013, IO Biotech has advanced IO-VAC(R) into multiple clinical trials, including Phase II studies in patients with metastatic melanoma.