Wall Street Zen Upgrades IO Biotech (NASDAQ:IOBT) to “Sell”

IO Biotech (NASDAQ:IOBT) was upgraded by equities research analysts at Wall Street Zen to a “sell” rating in a research note issued on Saturday.

Several other brokerages have also issued reports on IOBT. Piper Sandler raised IO Biotech to a “strong-buy” rating in a research report on Wednesday, March 12th. HC Wainwright reissued a “buy” rating on shares of IO Biotech in a report on Wednesday, May 14th.

IO Biotech Stock Down 10.0%

IOBT stock opened at $1.35 on Friday. The company has a market cap of $88.94 million, a price-to-earnings ratio of -0.99 and a beta of 0.36. IO Biotech has a twelve month low of $0.66 and a twelve month high of $1.73. The business has a 50 day moving average price of $1.10 and a two-hundred day moving average price of $0.98.

Hedge Funds Weigh In On IO Biotech

A number of hedge funds have recently bought and sold shares of the business. Jane Street Group LLC purchased a new stake in IO Biotech during the 1st quarter valued at $26,000. XTX Topco Ltd purchased a new stake in IO Biotech during the fourth quarter valued at $26,000. Vontobel Holding Ltd. bought a new position in IO Biotech in the fourth quarter valued at about $30,000. Renaissance Technologies LLC boosted its position in IO Biotech by 22.5% in the fourth quarter. Renaissance Technologies LLC now owns 118,800 shares of the company’s stock worth $109,000 after purchasing an additional 21,800 shares during the last quarter. Finally, Citadel Advisors LLC bought a new position in IO Biotech in the fourth quarter worth approximately $249,000. Hedge funds and other institutional investors 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.