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

IO Biotech, Inc. (NASDAQ:IOBT) has earned a consensus rating of “Reduce” from the five ratings firms that are presently covering the firm, Marketbeat reports. Two analysts have rated the stock with a sell recommendation and three have assigned a hold recommendation to the company. The average 1-year target price among analysts that have issued a report on the stock in the last year is $6.3333.

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

Institutional Investors Weigh In On IO Biotech

Several institutional investors have recently added to or reduced their stakes in IOBT. Millennium Management LLC purchased a new stake in shares of IO Biotech during the third quarter worth about $506,000. Beacon Pointe Advisors LLC purchased a new position in shares of IO Biotech in the 4th quarter valued at approximately $308,000. Boothbay Fund Management LLC acquired a new stake in IO Biotech in the 3rd quarter worth approximately $215,000. Marex Group plc acquired a new stake in IO Biotech in the 2nd quarter worth approximately $63,000. Finally, NewEdge Advisors LLC purchased a new stake in IO Biotech during the 2nd quarter worth approximately $34,000. Institutional investors and hedge funds own 54.76% of the company’s stock.

IO Biotech Stock Down 5.9%

NASDAQ:IOBT opened at $0.19 on Tuesday. The company’s 50-day simple moving average is $0.30 and its 200-day simple moving average is $0.66. 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 fifty-two week low of $0.14 and a fifty-two week high of $2.79. The stock has a market capitalization of $13.89 million, a P/E ratio of -0.14 and a beta of 0.43.

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.