HC Wainwright Reaffirms “Buy” Rating for IO Biotech (NASDAQ:IOBT)

HC Wainwright reiterated their buy rating on shares of IO Biotech (NASDAQ:IOBT – Get Rating) in a report issued on Wednesday, Benzinga reports. They currently have a $10.00 price target on the stock. HC Wainwright also issued estimates for IO Biotech’s Q1 2023 earnings at ($0.74) EPS, Q2 2023 earnings at ($0.82) EPS, Q3 2023 earnings at ($0.93) EPS, Q4 2023 earnings at ($1.04) EPS, FY2023 earnings at ($3.54) EPS, FY2024 earnings at ($2.15) EPS, FY2025 earnings at ($1.52) EPS, FY2026 earnings at ($1.15) EPS and FY2027 earnings at ($0.79) EPS.

Separately, Morgan Stanley reduced their price objective on shares of IO Biotech from $15.00 to $11.00 and set an overweight rating for the company in a research note on Tuesday, January 24th.

IO Biotech Stock Down 10.0 %

Shares of IOBT stock opened at $1.98 on Wednesday. IO Biotech has a 12-month low of $1.91 and a 12-month high of $9.77. The firm has a market capitalization of $39.05 million, a price-to-earnings ratio of -0.80 and a beta of -0.61. The firm has a fifty day moving average of $2.60 and a 200-day moving average of $2.67.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently made changes to their positions in the business. Bank of America Corp DE grew its stake in shares of IO Biotech by 18,441.9% during the fourth quarter. Bank of America Corp DE now owns 1,854,185 shares of the company’s stock worth $4,265,000 after buying an additional 1,844,185 shares during the last quarter. Victory Capital Management Inc. acquired a new position in shares of IO Biotech during the third quarter valued at about $119,000. Citadel Advisors LLC raised its holdings in shares of IO Biotech by 192.4% during the third quarter. Citadel Advisors LLC now owns 42,180 shares of the company’s stock valued at $114,000 after purchasing an additional 27,754 shares during the period. Psagot Value Holdings Ltd. Israel acquired a new position in shares of IO Biotech during the third quarter valued at about $111,000. Finally, Morgan Stanley raised its holdings in shares of IO Biotech by 31.7% during the fourth quarter. Morgan Stanley now owns 29,060 shares of the company’s stock valued at $67,000 after purchasing an additional 7,000 shares during the period. Institutional investors and hedge funds own 53.23% of the company’s stock.

IO Biotech Company Profile

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IO Biotech, Inc, a clinical-stage biopharmaceutical company, develops immune-modulating cancer therapies based on the T-win technology platform. The company's lead product candidate, IO102-IO103, which is designed to target immunosuppressive proteins, such as Indoleamine 2,3-dehydrogenase (IDO), and programmed death-ligand (PD-L1) that is in phase 2 clinical trial to treat melanoma, as well as in phase 1 clinical trial to treat lung, head and neck, bladder, and melanoma cancer.