IO Biotech, Inc. (NASDAQ:IOBT) Given Consensus Rating of “Reduce” by Brokerages

IO Biotech, Inc. (NASDAQ:IOBT) has been assigned a consensus rating of “Reduce” from the five analysts that are covering the firm, Marketbeat reports. Two investment analysts have rated the stock with a sell recommendation and three have assigned a hold recommendation to the company. The average 12 month target price among analysts that have issued ratings on the stock in the last year is $6.3333.

A number of equities research analysts have recently commented on IOBT shares. Weiss Ratings reaffirmed a “sell (e+)” rating on shares of IO Biotech in a research note on Monday, December 29th. Wall Street Zen raised IO Biotech from a “sell” rating to a “hold” rating in a report on Saturday, January 10th. Piper Sandler downgraded shares of IO Biotech from an “overweight” rating to a “neutral” rating in a research note on Friday, January 23rd. Finally, Morgan Stanley downgraded IO Biotech from an “equal weight” rating to an “underweight” rating in a research report on Thursday, January 8th.

Hedge Funds Weigh In On IO Biotech

Several large investors have recently modified their holdings of IOBT. Jane Street Group LLC acquired a new position in IO Biotech in the first quarter valued at about $26,000. NewEdge Advisors LLC purchased a new position in IO Biotech during the 2nd quarter worth approximately $34,000. Marex Group plc purchased a new stake in IO Biotech in the 2nd quarter valued at $63,000. Beacon Pointe Advisors LLC purchased a new stake in shares of IO Biotech in the fourth quarter valued at about $308,000. Finally, Boothbay Fund Management LLC purchased a new stake in IO Biotech during the 3rd quarter valued at approximately $215,000. Institutional investors and hedge funds own 54.76% of the company’s stock.

IO Biotech Price Performance

NASDAQ:IOBT opened at $0.36 on Friday. The firm has a market cap of $25.83 million, a price-to-earnings ratio of -0.27 and a beta of 0.46. IO Biotech has a one year low of $0.21 and a one year high of $2.79. The firm’s fifty day moving average is $0.46 and its two-hundred day moving average is $0.88. The company has a debt-to-equity ratio of 18.29, a quick ratio of 2.01 and a current ratio of 2.01.

IO Biotech Company Profile

IO Biotech ApS is a clinical-stage biotechnology company headquartered in Copenhagen, Denmark, specializing in the development of novel immuno-oncology therapies. The company’s proprietary platform focuses on activating and sustaining anti-tumor immune responses by targeting the PD-L1 immune checkpoint. IO Biotech’s lead candidate, IO-VAC(R), is a peptide-based cancer vaccine designed to induce durable T-cell responses against PD-L1–expressing tumors.

Since its founding in 2013, IO Biotech has advanced IO-VAC(R) into multiple clinical trials, including Phase II studies in patients with metastatic melanoma.