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

Shares of IO Biotech, Inc. (NASDAQ:IOBT) have earned an average recommendation of “Reduce” from the five analysts that are currently covering the stock, Marketbeat.com reports. Two equities research analysts have rated the stock with a sell recommendation and three have assigned a hold recommendation to the company. The average 12-month price objective among analysts that have updated their coverage on the stock in the last year is $3.50.

Several research analysts have recently commented on IOBT shares. Piper Sandler downgraded IO Biotech from an “overweight” rating to a “neutral” rating in a report on Friday, January 23rd. Weiss Ratings restated a “sell (e+)” rating on shares of IO Biotech in a report on Friday, March 27th.

Institutional Inflows and Outflows

A number of large investors have recently bought and sold shares of IOBT. Jane Street Group LLC purchased a new position in IO Biotech during the first quarter valued at $26,000. NewEdge Advisors LLC bought a new position in shares of IO Biotech during the 2nd quarter valued at $34,000. Marex Group plc bought a new position in IO Biotech in the second quarter valued at about $63,000. Boothbay Fund Management LLC bought a new position in shares of IO Biotech in the 3rd quarter worth approximately $215,000. Finally, Millennium Management LLC purchased a new position in shares of IO Biotech during the 3rd quarter worth $506,000. 54.76% of the stock is owned by hedge funds and other institutional investors.

IO Biotech Price Performance

Shares of NASDAQ IOBT opened at $0.05 on Wednesday. The stock has a market capitalization of $3.45 million, a P/E ratio of -0.04 and a beta of 0.88. The firm’s 50 day simple moving average is $0.10 and its two-hundred day simple moving average is $0.41. IO Biotech has a one year low of $0.03 and a one year high of $2.79. The company has a debt-to-equity ratio of 18.29, a current ratio of 2.01 and a quick ratio of 2.01.

IO Biotech Company Profile

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.