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

IO Biotech, Inc. (NASDAQ:IOBT) has earned a consensus recommendation of “Reduce” from the five research firms that are presently covering the company, Marketbeat.com reports. Two analysts have rated the stock with a sell rating and three have given a hold rating to the company. The average 12-month price objective among analysts that have issued a report on the stock in the last year is $6.3333.

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

IO Biotech Trading Down 8.3%

Shares of IO Biotech stock opened at $0.29 on Monday. The stock has a market cap of $20.87 million, a P/E ratio of -0.21 and a beta of 0.47. The company has a quick ratio of 2.01, a current ratio of 2.01 and a debt-to-equity ratio of 18.29. IO Biotech has a 12-month low of $0.21 and a 12-month high of $2.79. The business’s 50 day moving average is $0.61 and its 200-day moving average is $1.09.

IO Biotech (NASDAQ:IOBT) last issued its earnings results on Friday, November 14th. The company reported ($0.28) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.31) by $0.03. Equities research analysts predict that IO Biotech will post -1.35 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently bought and sold shares of IOBT. Millennium Management LLC acquired a new stake in IO Biotech during the third quarter worth approximately $506,000. Boothbay Fund Management LLC bought a new position in shares of IO Biotech during the third quarter worth approximately $215,000. Marex Group plc acquired a new stake in IO Biotech during the 2nd quarter worth approximately $63,000. NewEdge Advisors LLC bought a new stake in IO Biotech in the 2nd quarter valued at $34,000. Finally, Jane Street Group LLC bought a new stake in IO Biotech in the 1st quarter valued at $26,000. Institutional investors and hedge funds 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.