Piper Sandler Upgrades IO Biotech (NASDAQ:IOBT) to Strong-Buy

IO Biotech (NASDAQ:IOBT) was upgraded by equities researchers at Piper Sandler to a “strong-buy” rating in a report released on Wednesday,Zacks.com reports.

Separately, HC Wainwright reiterated a “buy” rating and issued a $12.00 price objective on shares of IO Biotech in a research note on Wednesday, March 5th.

IO Biotech Stock Performance

NASDAQ:IOBT opened at $0.89 on Wednesday. The firm has a 50-day simple moving average of $0.92 and a 200-day simple moving average of $0.99. IO Biotech has a one year low of $0.66 and a one year high of $1.85. The firm has a market cap of $58.63 million, a P/E ratio of -0.65 and a beta of 0.22.

Institutional Inflows and Outflows

Institutional investors have recently added to or reduced their stakes in the company. Dauntless Investment Group LLC purchased a new stake in IO Biotech in the 4th quarter valued at $688,000. Landscape Capital Management L.L.C. acquired a new position in shares of IO Biotech during the 4th quarter worth $407,000. Citadel Advisors LLC acquired a new stake in IO Biotech in the 4th quarter valued at about $249,000. Vontobel Holding Ltd. acquired a new stake in IO Biotech in the 4th quarter valued at about $30,000. Finally, XTX Topco Ltd acquired a new stake in IO Biotech in the 4th quarter valued at about $26,000. Hedge funds and other institutional investors own 54.76% of the company’s stock.

IO Biotech Company Profile

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.