IO Biotech, Inc. (NASDAQ:IOBT) Receives Average Recommendation of “Hold” from Analysts

IO Biotech, Inc. (NASDAQ:IOBT) has received a consensus recommendation of “Hold” from the six ratings firms that are presently covering the firm, MarketBeat reports. One research analyst has rated the stock with a sell recommendation, four have issued a hold recommendation and one has issued a buy recommendation on the company. The average 1-year price target among analysts that have issued ratings on the stock in the last year is $6.3333.

Several equities research analysts have weighed in on the company. Weiss Ratings reiterated a “sell (e+)” rating on shares of IO Biotech in a report on Monday, December 29th. Morgan Stanley lowered shares of IO Biotech from an “overweight” rating to an “equal weight” rating in a research note on Tuesday, September 30th. HC Wainwright downgraded shares of IO Biotech from a “buy” rating to a “neutral” rating in a research report on Monday, September 29th. Wall Street Zen lowered shares of IO Biotech from a “hold” rating to a “sell” rating in a report on Monday, December 29th. Finally, Piper Sandler lowered 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 report on Wednesday, October 22nd.

IO Biotech Stock Performance

Shares of NASDAQ:IOBT opened at $0.63 on Thursday. The firm’s 50 day simple moving average is $0.75 and its 200-day simple moving average is $1.22. The company has a debt-to-equity ratio of 18.29, a quick ratio of 2.01 and a current ratio of 2.01. IO Biotech has a one year low of $0.32 and a one year high of $2.79. The firm has a market cap of $45.18 million, a PE ratio of -0.47 and a beta of 0.48.

IO Biotech (NASDAQ:IOBT) last announced its quarterly earnings data on Friday, November 14th. The company reported ($0.28) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.31) by $0.03. As a group, equities analysts predict that IO Biotech will post -1.35 EPS for the current year.

Institutional Trading of IO Biotech

Hedge funds and other institutional investors have recently bought and sold shares of the stock. Jane Street Group LLC purchased a new position in shares of IO Biotech in the 1st quarter valued at $26,000. NewEdge Advisors LLC bought a new stake in IO Biotech during the second quarter valued at about $34,000. Marex Group plc bought a new stake in IO Biotech during the second quarter valued at about $63,000. Boothbay Fund Management LLC purchased a new position in IO Biotech in the third quarter valued at about $215,000. Finally, Millennium Management LLC bought a new position in IO Biotech in the third quarter worth about $506,000. Institutional investors own 54.76% of the company’s stock.

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.