IO Biotech’s (IOBT) “Buy” Rating Reaffirmed at HC Wainwright

IO Biotech (NASDAQ:IOBT)‘s stock had its “buy” rating reissued by equities research analysts at HC Wainwright in a report released on Wednesday, Benzinga reports. They currently have a $12.00 target price on the stock.

A number of other equities analysts have also recently issued reports on IOBT. Morgan Stanley boosted their price objective on IO Biotech from $4.00 to $6.00 and gave the company an “overweight” rating in a report on Monday, September 16th. Piper Sandler reiterated an “overweight” rating and issued a $10.00 target price on shares of IO Biotech in a report on Tuesday, September 3rd.

IO Biotech Stock Down 0.7 %

IOBT traded down $0.01 during trading hours on Wednesday, reaching $1.14. 47,572 shares of the company’s stock traded hands, compared to its average volume of 214,624. The firm has a 50-day moving average price of $1.12 and a 200 day moving average price of $1.27. IO Biotech has a 52-week low of $0.73 and a 52-week high of $2.10. The firm has a market capitalization of $75.27 million, a PE ratio of -0.79 and a beta of 0.42.

IO Biotech (NASDAQ:IOBT) last posted its quarterly earnings data on Tuesday, August 13th. The company reported ($0.31) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.35) by $0.04. Equities analysts predict that IO Biotech will post -1.18 EPS for the current fiscal year.

Institutional Investors Weigh In On IO Biotech

An institutional investor recently raised its position in IO Biotech stock. XTX Topco Ltd increased its stake in shares of IO Biotech, Inc. (NASDAQ:IOBT) by 67.4% in the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 26,555 shares of the company’s stock after purchasing an additional 10,688 shares during the quarter. XTX Topco Ltd’s holdings in IO Biotech were worth $31,000 as of its most recent SEC filing. Institutional investors and hedge funds own 54.76% of the company’s stock.

About IO Biotech

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.