IO Biotech, Inc. (NASDAQ:IOBT) Receives Average Rating of “Hold” from Analysts

IO Biotech, Inc. (NASDAQ:IOBT) has earned an average rating of “Hold” from the six brokerages that are presently covering the firm, Marketbeat Ratings reports. One research analyst has rated the stock with a sell rating, four have assigned a hold rating and one has assigned a buy rating to the company. The average 1 year price target among brokers that have issued ratings on the stock in the last year is $6.3333.

A number of analysts recently commented on the stock. TD Cowen restated a “hold” rating on shares of IO Biotech in a research report on Tuesday, September 30th. Weiss Ratings reissued a “sell (e+)” rating on shares of IO Biotech in a research note on Monday. HC Wainwright cut IO Biotech from a “buy” rating to a “neutral” rating in a report on Monday, September 29th. Piper Sandler reduced their price objective on IO Biotech from $10.00 to $3.00 and set an “overweight” rating for the company in a report on Wednesday, October 22nd. Finally, Cowen downgraded IO Biotech to a “hold” rating in a research report on Tuesday, September 30th.

IO Biotech Trading Up 25.0%

NASDAQ:IOBT opened at $0.83 on Wednesday. IO Biotech has a 1 year low of $0.32 and a 1 year high of $2.79. The company has a debt-to-equity ratio of 4.22, a quick ratio of 1.96 and a current ratio of 1.96. The stock has a fifty day moving average price of $0.99 and a two-hundred day moving average price of $1.35. The stock has a market capitalization of $59.36 million, a price-to-earnings ratio of -0.61 and a beta of 0.44.

IO Biotech (NASDAQ:IOBT) last issued its earnings results on Friday, November 14th. The company reported ($0.28) EPS for the quarter, topping the consensus estimate of ($0.31) by $0.03. As a group, sell-side analysts anticipate that IO Biotech will post -1.35 earnings per share for the current fiscal year.

Institutional Investors Weigh In On IO Biotech

Large investors have recently added to or reduced their stakes in the business. XTX Topco Ltd raised 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 acquiring an additional 22,446 shares during the last quarter. Millennium Management LLC purchased a new position in shares of IO Biotech during the 3rd quarter worth approximately $506,000. Boothbay Fund Management LLC acquired a new position in shares of IO Biotech during the 3rd quarter worth approximately $215,000. Marex Group plc purchased a new stake in IO Biotech in the 2nd quarter valued at approximately $63,000. Finally, NewEdge Advisors LLC purchased a new stake in IO Biotech in the 2nd quarter valued at approximately $34,000. 54.76% of the stock is owned by institutional investors and hedge funds.

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.