IO Biotech (NASDAQ:IOBT) Downgraded by HC Wainwright to “Neutral”

HC Wainwright cut shares of IO Biotech (NASDAQ:IOBT) from a buy rating to a neutral rating in a research note issued to investors on Monday, MarketBeat reports.

Other analysts have also issued research reports about the stock. Morgan Stanley reduced their price target on shares of IO Biotech from $6.00 to $4.00 and set an “overweight” rating on the stock in a research report on Tuesday, August 12th. Wall Street Zen raised IO Biotech to a “sell” rating in a research note on Saturday, June 14th. One analyst has rated the stock with a Strong Buy rating, one has given a Buy rating and one has given a Hold rating to the company. Based on data from MarketBeat, IO Biotech has an average rating of “Buy” and a consensus target price of $8.00.

IO Biotech Stock Down 76.9%

NASDAQ IOBT opened at $0.37 on Monday. The business’s fifty day simple moving average is $1.77 and its 200-day simple moving average is $1.40. The company has a quick ratio of 1.96, a current ratio of 1.96 and a debt-to-equity ratio of 4.22. The firm has a market cap of $24.05 million, a PE ratio of -0.23 and a beta of 0.41. IO Biotech has a 52 week low of $0.32 and a 52 week high of $2.79.

IO Biotech (NASDAQ:IOBT) last released its quarterly earnings data on Thursday, August 14th. The company reported ($0.40) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.35) by ($0.05). As a group, equities analysts anticipate that IO Biotech will post -1.35 earnings per share for the current year.

Hedge Funds Weigh In On IO Biotech

Hedge funds have recently bought and sold shares of the company. Jane Street Group LLC purchased a new position in IO Biotech during the 1st quarter valued at about $26,000. NewEdge Advisors LLC purchased a new stake in IO Biotech during the second quarter worth about $34,000. XTX Topco Ltd lifted its position in shares of IO Biotech by 80.0% during the first quarter. XTX Topco Ltd now owns 50,486 shares of the company’s stock worth $55,000 after purchasing an additional 22,446 shares in the last quarter. Marex Group plc acquired a new stake in shares of IO Biotech during the second quarter worth about $63,000. Finally, Citadel Advisors LLC purchased a new position in shares of IO Biotech in the fourth quarter valued at approximately $249,000. Institutional investors and hedge funds 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.