IO Biotech’s (IOBT) “Buy” Rating Reaffirmed at HC Wainwright

HC Wainwright reissued their buy rating on shares of IO Biotech (NASDAQ:IOBT) in a report released on Wednesday morning, Benzinga reports. They currently have a $12.00 target price on the stock. HC Wainwright also issued estimates for IO Biotech’s Q3 2024 earnings at ($0.35) EPS, Q4 2024 earnings at ($0.37) EPS, FY2024 earnings at ($1.32) EPS, FY2025 earnings at ($1.02) EPS, FY2026 earnings at ($0.87) EPS, FY2027 earnings at ($0.63) EPS and FY2028 earnings at ($0.28) EPS.

IO Biotech Stock Up 3.7 %

Shares of IOBT stock opened at $1.40 on Wednesday. The firm has a fifty day moving average of $1.30 and a 200-day moving average of $1.46. The firm has a market capitalization of $92.23 million, a price-to-earnings ratio of -0.75 and a beta of 0.48. IO Biotech has a 12-month low of $0.82 and a 12-month high of $2.12.

IO Biotech (NASDAQ:IOBT) last announced its quarterly earnings results on Tuesday, August 13th. The company reported ($0.31) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.35) by $0.04. Research analysts expect that IO Biotech will post -1.27 earnings per share for the current year.

Insider Activity

In related news, major shareholder Holdings A/S Novo sold 51,522 shares of the business’s stock in a transaction on Thursday, July 25th. The shares were sold at an average price of $1.33, for a total value of $68,524.26. Following the sale, the insider now directly owns 4,377,927 shares of the company’s stock, valued at approximately $5,822,642.91. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Corporate insiders own 2.30% of the company’s stock.

Institutional Investors Weigh In On IO Biotech

Hedge funds and other institutional investors have recently bought and sold shares of the company. PFM Health Sciences LP grew its stake 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 in the last quarter. Renaissance Technologies LLC boosted its holdings in IO Biotech by 8.1% during the second quarter. Renaissance Technologies LLC now owns 180,800 shares of the company’s stock worth $212,000 after purchasing an additional 13,600 shares during the last quarter. Finally, XTX Topco Ltd grew its position in IO Biotech by 67.4% in the second quarter. XTX Topco Ltd now owns 26,555 shares of the company’s stock valued at $31,000 after purchasing an additional 10,688 shares in the last quarter. Institutional investors and hedge funds 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.