IO Biotech, Inc. (NASDAQ:IOBT) Given Consensus Recommendation of “Reduce” by Brokerages

Shares of IO Biotech, Inc. (NASDAQ:IOBT) have been assigned an average recommendation of “Reduce” from the five research firms that are presently covering the firm, Marketbeat.com reports. Two research analysts have rated the stock with a sell recommendation and three have given a hold recommendation to the company. The average 12-month target price among brokerages that have covered the stock in the last year is $6.3333.

Several analysts have commented on the company. Weiss Ratings restated a “sell (e+)” rating on shares of IO Biotech in a report on Monday, December 29th. Wall Street Zen upgraded shares of IO Biotech from a “sell” rating to a “hold” rating in a research note on Saturday, January 10th. Morgan Stanley lowered IO Biotech from an “equal weight” rating to an “underweight” rating in a report on Thursday, January 8th. Finally, Piper Sandler downgraded IO Biotech from an “overweight” rating to a “neutral” rating in a research note on Friday, January 23rd.

Hedge Funds Weigh In On IO Biotech

A number of large investors have recently made changes to their positions in the business. Jane Street Group LLC acquired a new position in shares of IO Biotech in the first quarter worth $26,000. NewEdge Advisors LLC acquired a new stake in IO Biotech in the 2nd quarter worth $34,000. Marex Group plc bought a new stake in shares of IO Biotech during the second quarter valued at approximately $63,000. Boothbay Fund Management LLC bought a new stake in IO Biotech in the third quarter valued at about $215,000. Finally, Beacon Pointe Advisors LLC acquired a new position in IO Biotech during the fourth quarter worth $308,000. Institutional investors and hedge funds own 54.76% of the company’s stock.

IO Biotech Price Performance

IO Biotech stock opened at $0.36 on Friday. The company has a quick ratio of 2.01, a current ratio of 2.01 and a debt-to-equity ratio of 18.29. The firm’s 50-day simple moving average is $0.46 and its 200 day simple moving average is $0.88. IO Biotech has a 52 week low of $0.21 and a 52 week high of $2.79. The firm has a market capitalization of $25.83 million, a PE ratio of -0.27 and a beta of 0.46.

IO Biotech Company Profile

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.