IO Biotech (NASDAQ:IOBT) Downgraded to Equal Weight Rating by Morgan Stanley

IO Biotech (NASDAQ:IOBT) was downgraded by equities researchers at Morgan Stanley from an “overweight” rating to an “equal weight” rating in a research report issued on Tuesday, Marketbeat.com reports.

A number of other research firms have also recently commented on IOBT. Wall Street Zen upgraded IO Biotech to a “sell” rating in a research report on Saturday, June 14th. Cowen cut shares of IO Biotech to a “hold” rating in a research note on Tuesday. Finally, HC Wainwright lowered IO Biotech from a “buy” rating to a “neutral” rating in a research report on Monday. One research analyst has rated the stock with a Strong Buy rating and four have assigned a Hold rating to the company’s stock. According to MarketBeat, the company currently has a consensus rating of “Hold” and an average price target of $8.00.

IO Biotech Stock Performance

IO Biotech stock opened at $0.36 on Tuesday. The company has a debt-to-equity ratio of 4.22, a quick ratio of 1.96 and a current ratio of 1.96. IO Biotech has a twelve month low of $0.32 and a twelve month high of $2.79. The business has a fifty day moving average of $1.74 and a two-hundred day moving average of $1.39.

IO Biotech (NASDAQ:IOBT) last released its quarterly earnings results on Thursday, August 14th. The company reported ($0.40) EPS for the quarter, missing analysts’ consensus estimates of ($0.35) by ($0.05). On average, research analysts predict that IO Biotech will post -1.35 EPS for the current fiscal year.

Institutional Investors Weigh In On IO Biotech

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the company. Jane Street Group LLC purchased a new stake in IO Biotech in the 1st quarter valued at $26,000. NewEdge Advisors LLC purchased a new stake in shares of IO Biotech in the second quarter valued at about $34,000. XTX Topco Ltd raised its stake in IO Biotech by 80.0% during the 1st quarter. XTX Topco Ltd now owns 50,486 shares of the company’s stock valued at $55,000 after acquiring an additional 22,446 shares during the last quarter. Marex Group plc purchased a new stake in IO Biotech during the 2nd quarter valued at approximately $63,000. Finally, Citadel Advisors LLC purchased a new stake in IO Biotech during the 4th quarter valued at 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.