Analysts Set IO Biotech, Inc. (NASDAQ:IOBT) PT at $6.33

IO Biotech, Inc. (NASDAQ:IOBT) has received a consensus rating of “Reduce” from the five research firms that are presently covering the firm, MarketBeat reports. Two equities research analysts have rated the stock with a sell recommendation and three have given a hold recommendation to the company. The average twelve-month price target among brokerages that have issued ratings on the stock in the last year is $6.3333.

Several research analysts recently weighed in on the stock. Piper Sandler downgraded shares of IO Biotech from an “overweight” rating to a “neutral” rating in a research report on Friday, January 23rd. Morgan Stanley cut IO Biotech from an “equal weight” rating to an “underweight” rating in a report on Thursday, January 8th. Wall Street Zen upgraded IO Biotech from a “sell” rating to a “hold” rating in a research note on Saturday, January 10th. Finally, Weiss Ratings reissued a “sell (e+)” rating on shares of IO Biotech in a report on Monday, December 29th.

IO Biotech Stock Performance

IOBT opened at $0.21 on Tuesday. The firm’s fifty day simple moving average is $0.31 and its two-hundred day simple moving average is $0.68. IO Biotech has a 52-week low of $0.14 and a 52-week high of $2.79. The company has a market cap of $14.75 million, a price-to-earnings ratio of -0.15 and a beta of 0.43. The company has a quick ratio of 2.01, a current ratio of 2.01 and a debt-to-equity ratio of 18.29.

Institutional Inflows and Outflows

Several hedge funds have recently added to or reduced their stakes in the company. Jane Street Group LLC purchased a new position in IO Biotech in the 1st quarter valued at $26,000. NewEdge Advisors LLC purchased a new stake in shares of IO Biotech during the second quarter worth $34,000. Marex Group plc acquired a new stake in shares of IO Biotech in the second quarter valued at about $63,000. Beacon Pointe Advisors LLC acquired 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 position in shares of IO Biotech in the third quarter worth about $215,000. 54.76% of the stock is owned by institutional investors and hedge funds.

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.