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

by · The Markets Daily

IO Biotech, Inc. (NASDAQ:IOBT – Get Free Report) has earned a consensus recommendation of “Hold” from the six analysts that are covering the company, Marketbeat.com reports. One analyst has rated the stock with a sell rating, four have given a hold rating and one has given a buy rating to the company. The average twelve-month price objective among brokers that have updated their coverage on the stock in the last year is $6.3333.

IOBT has been the topic of several research reports. Morgan Stanley downgraded IO Biotech from an “overweight” rating to an “equal weight” rating in a research report on Tuesday, September 30th. Wall Street Zen downgraded IO Biotech from a “hold” rating to a “sell” rating in a research note on Saturday. TD Cowen restated a “hold” rating on shares of IO Biotech in a research note on Tuesday, September 30th. Weiss Ratings reiterated a “sell (e+)” rating on shares of IO Biotech in a research report on Monday, December 8th. Finally, Piper Sandler reduced their price target on shares of IO Biotech from $10.00 to $3.00 and set an “overweight” rating for the company in a research report on Wednesday, October 22nd.

Read Our Latest Analysis on IOBT

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the business. Jane Street Group LLC acquired a new stake in IO Biotech during the 1st quarter worth about $26,000. NewEdge Advisors LLC purchased a new stake in shares of IO Biotech in the second quarter worth about $34,000. XTX Topco Ltd grew its holdings 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 period. Marex Group plc purchased a new position in IO Biotech during the second quarter valued at approximately $63,000. Finally, Boothbay Fund Management LLC acquired a new position in IO Biotech in the third quarter valued at approximately $215,000. 54.76% of the stock is currently owned by institutional investors and hedge funds.

IO Biotech Stock Performance

IOBT opened at $0.81 on Friday. The company has a market cap of $58.11 million, a P/E ratio of -0.60 and a beta of 0.47. The company has a quick ratio of 2.01, a current ratio of 2.01 and a debt-to-equity ratio of 18.29. The firm’s 50-day moving average price is $0.78 and its 200-day moving average price is $1.31. IO Biotech has a 52-week low of $0.32 and a 52-week high of $2.79.

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

About IO Biotech

(Get Free Report)

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.

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