IO Biotech (NASDAQ:IOBT – Free Report) had its target price decreased by Morgan Stanley from $7.00 to $4.00 in a research report released on Tuesday, Benzinga reports. Morgan Stanley currently has an overweight rating on the stock.
Separately, HC Wainwright reiterated a buy rating and set a $12.00 price objective on shares of IO Biotech in a research report on Wednesday, August 14th.
Check Out Our Latest Report on IOBT
IO Biotech Stock Down 7.3 %
IO Biotech (NASDAQ:IOBT – Get Free Report) last announced its earnings results on Tuesday, August 13th. The company reported ($0.31) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.35) by $0.04. On average, research analysts expect that IO Biotech will post -1.21 EPS for the current fiscal year.
Insider Buying and Selling
In other IO Biotech news, major shareholder Holdings A/S Novo sold 51,522 shares of the business’s stock in a transaction on Thursday, July 25th. The stock was sold at an average price of $1.33, for a total value of $68,524.26. Following the completion of the transaction, the insider now directly owns 4,377,927 shares in the company, valued at approximately $5,822,642.91. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. 2.30% of the stock is owned by company insiders.
Institutional Trading of IO Biotech
Several hedge funds and other institutional investors have recently added to or reduced their stakes in IOBT. PFM Health Sciences LP lifted its holdings in shares of IO Biotech by 73.0% during the 4th quarter. PFM Health Sciences LP now owns 2,341,107 shares of the company’s stock worth $4,401,000 after acquiring an additional 987,654 shares during the period. Renaissance Technologies LLC grew its holdings in IO Biotech by 8.1% in the second quarter. Renaissance Technologies LLC now owns 180,800 shares of the company’s stock valued at $212,000 after purchasing an additional 13,600 shares during the period. Finally, XTX Topco Ltd increased its position in IO Biotech by 67.4% during the second quarter. XTX Topco Ltd now owns 26,555 shares of the company’s stock worth $31,000 after purchasing an additional 10,688 shares during the last quarter. Hedge funds and other institutional investors own 54.76% of the company’s stock.
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.
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