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

Shares of IO Biotech, Inc. (NASDAQ:IOBT) have earned an average rating of “Reduce” from the five brokerages that are currently covering the stock, Marketbeat reports. Two investment analysts have rated the stock with a sell rating and three have assigned a hold rating to the company. The average 12 month target price among analysts that have covered the stock in the last year is $3.50.

Several equities research analysts recently issued reports on the company. Weiss Ratings reissued a “sell (e+)” rating on shares of IO Biotech in a research note on Friday, March 27th. Piper Sandler cut IO Biotech from an “overweight” rating to a “neutral” rating in a report on Friday, January 23rd.

IO Biotech Stock Performance

Shares of IO Biotech stock opened at $0.05 on Wednesday. The company’s 50-day moving average price is $0.13 and its 200-day moving average price is $0.44. The company has a market cap of $3.45 million, a price-to-earnings ratio of -0.04 and a beta of 0.88. The company has a current ratio of 2.01, a quick ratio of 2.01 and a debt-to-equity ratio of 18.29. IO Biotech has a 12-month low of $0.03 and a 12-month high of $2.79.

Institutional Investors Weigh In On IO Biotech

Institutional investors and hedge funds have recently bought and sold shares of the stock. Millennium Management LLC purchased a new position in IO Biotech in the 3rd quarter worth approximately $506,000. Boothbay Fund Management LLC purchased a new stake in shares of IO Biotech during the 3rd quarter valued at $215,000. Beacon Pointe Advisors LLC bought a new stake in shares of IO Biotech during the 4th quarter worth $308,000. Marex Group plc bought a new stake in shares of IO Biotech during the 2nd quarter worth $63,000. Finally, NewEdge Advisors LLC purchased a new position in IO Biotech in the second quarter worth $34,000. 54.76% of the stock is owned by hedge funds and other 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.