Research Analysts’ Recent Ratings Updates for IO Biotech (IOBT)

IO Biotech (NASDAQ: IOBT) has recently received a number of price target changes and ratings updates:

• 9/16/2024 – IO Biotech had its price target raised by analysts at Morgan Stanley from $4.00 to $6.00. They now have an “overweight” rating on the stock.
• 9/16/2024 – IO Biotech had its “buy” rating reaffirmed by analysts at HC Wainwright. They now have a $12.00 price target on the stock.
• 9/3/2024 – IO Biotech had its “overweight” rating reaffirmed by analysts at Piper Sandler. They now have a $10.00 price target on the stock.
• 9/3/2024 – IO Biotech had its price target lowered by analysts at Morgan Stanley from $7.00 to $4.00. They now have an “overweight” rating on the stock.
• 9/3/2024 – IO Biotech had its “buy” rating reaffirmed by analysts at HC Wainwright. They now have a $12.00 price target on the stock.
• 8/14/2024 – IO Biotech had its “buy” rating reaffirmed by analysts at HC Wainwright. They now have a $12.00 price target on the stock.

IO Biotech Stock Performance

Shares of IOBT traded up $0.02 during midday trading on Monday, hitting $0.78. 5,328,499 shares of the company traded hands, compared to its average volume of 190,158. The stock has a market cap of $51.07 million, a price-to-earnings ratio of -0.41 and a beta of 0.50. The firm has a 50 day moving average of $1.31 and a 200-day moving average of $1.40. IO Biotech, Inc. has a 52 week low of $0.73 and a 52 week high of $2.10.

IO Biotech (NASDAQ:IOBT) last announced its quarterly earnings results on Tuesday, August 13th. The company reported ($0.31) EPS for the quarter, beating analysts’ consensus estimates of ($0.35) by $0.04. Sell-side analysts predict that IO Biotech, Inc. will post -1.2 earnings per share for the current fiscal year.

Insider Activity at IO Biotech

In related news, major shareholder Holdings A/S Novo sold 51,522 shares of the stock in a transaction dated Thursday, July 25th. The shares were sold at an average price of $1.33, for a total value of $68,524.26. Following the completion of the transaction, the insider now owns 4,377,927 shares of the company’s stock, valued at approximately $5,822,642.91. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. 2.30% of the stock is owned by insiders.

Institutional Investors Weigh In On IO Biotech

Several institutional investors have recently made changes to their positions in IOBT. XTX Topco Ltd grew its holdings in shares of IO Biotech by 67.4% in the second quarter. XTX Topco Ltd now owns 26,555 shares of the company’s stock worth $31,000 after purchasing an additional 10,688 shares during the last quarter. Renaissance Technologies LLC boosted its position in IO Biotech by 8.1% in the 2nd quarter. Renaissance Technologies LLC now owns 180,800 shares of the company’s stock valued at $212,000 after buying an additional 13,600 shares during the period. Finally, PFM Health Sciences LP grew its stake in IO Biotech by 73.0% in the 4th quarter. PFM Health Sciences LP now owns 2,341,107 shares of the company’s stock worth $4,401,000 after acquiring an additional 987,654 shares in the last quarter. Institutional investors own 54.76% of the company’s stock.

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