IO Biotech (NASDAQ:IOBT) Stock Rating Reaffirmed by Piper Sandler

Piper Sandler restated their overweight rating on shares of IO Biotech (NASDAQ:IOBT) in a report issued on Tuesday, Benzinga reports. The brokerage currently has a $10.00 price target on the stock.

A number of other equities research analysts have also recently commented on IOBT. Morgan Stanley cut their price target on shares of IO Biotech from $7.00 to $4.00 and set an overweight rating on the stock in a report on Tuesday. HC Wainwright reissued a buy rating and issued a $12.00 price objective on shares of IO Biotech in a report on Tuesday.

IO Biotech Trading Down 7.3 %

Shares of IOBT stock opened at $0.90 on Tuesday. The company’s fifty day moving average price is $1.35 and its 200-day moving average price is $1.44. The stock has a market cap of $58.97 million, a PE ratio of -0.48 and a beta of 0.48. IO Biotech has a 12 month low of $0.82 and a 12 month high of $2.10.

IO Biotech (NASDAQ:IOBT) last released its earnings results on Tuesday, August 13th. The company reported ($0.31) EPS for the quarter, topping analysts’ consensus estimates of ($0.35) by $0.04. On average, sell-side analysts forecast that IO Biotech will post -1.21 earnings per share 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 company’s stock in a transaction that occurred 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 completion of the transaction, the insider now directly owns 4,377,927 shares in the company, valued at $5,822,642.91. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. 2.30% of the stock is currently owned by insiders.

Hedge Funds Weigh In On IO Biotech

Several hedge funds have recently modified their holdings of the stock. PFM Health Sciences LP boosted 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 valued at $4,401,000 after purchasing an additional 987,654 shares during the last quarter. Renaissance Technologies LLC raised its holdings in IO Biotech by 8.1% during the 2nd quarter. Renaissance Technologies LLC now owns 180,800 shares of the company’s stock valued at $212,000 after buying an additional 13,600 shares during the period. Finally, XTX Topco Ltd boosted its stake 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 buying an additional 10,688 shares during the period. Hedge funds and other institutional investors own 54.76% of the company’s stock.

IO Biotech Company Profile

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.