IO Biotech (NASDAQ:IOBT) Trading 24.4% Higher – Time to Buy?

IO Biotech, Inc. (NASDAQ:IOBT) shares traded up 24.4% during mid-day trading on Tuesday . The stock traded as high as $1.03 and last traded at $1.02. 8,248,997 shares changed hands during trading, a decline of 5% from the average session volume of 8,671,930 shares. The stock had previously closed at $0.82.

Wall Street Analysts Forecast Growth

Several equities analysts have issued reports on the stock. TD Cowen reaffirmed a “hold” rating on shares of IO Biotech in a report on Tuesday, September 30th. HC Wainwright downgraded shares of IO Biotech from a “buy” rating to a “neutral” rating in a report on Monday, September 29th. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of IO Biotech in a report on Tuesday, October 14th. Cowen downgraded shares of IO Biotech to a “hold” rating in a report on Tuesday, September 30th. Finally, Morgan Stanley downgraded shares of IO Biotech from an “overweight” rating to an “equal weight” rating in a report on Tuesday, September 30th. One investment analyst has rated the stock with a Strong Buy rating, four have issued a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat, the company presently has an average rating of “Hold” and a consensus price target of $8.00.

IO Biotech Stock Up 24.4%

The stock’s 50-day moving average price is $1.33 and its 200 day moving average price is $1.35. The company has a debt-to-equity ratio of 4.22, a current ratio of 1.96 and a quick ratio of 1.96.

IO Biotech (NASDAQ:IOBT) last issued its 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). As a group, equities research analysts predict that IO Biotech, Inc. will post -1.35 EPS for the current fiscal year.

Institutional Investors Weigh In On IO Biotech

Hedge funds and other institutional investors have recently bought and sold shares of the company. Jane Street Group LLC acquired a new stake in IO Biotech during the first quarter worth about $26,000. NewEdge Advisors LLC acquired a new stake in IO Biotech during the second quarter worth about $34,000. XTX Topco Ltd increased its position in 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 during the last quarter. Finally, Marex Group plc acquired a new stake in IO Biotech during the second quarter worth about $63,000. 54.76% of the stock is currently owned by institutional investors and hedge funds.

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.