Morgan Stanley Raises IO Biotech (NASDAQ:IOBT) Price Target to $6.00

IO Biotech (NASDAQ:IOBTGet Free Report) had its price target hoisted by Morgan Stanley from $4.00 to $6.00 in a report issued on Monday, Benzinga reports. The firm presently has an “overweight” rating on the stock.

Other equities research analysts have also recently issued reports about the company. HC Wainwright restated a “buy” rating and set a $12.00 target price on shares of IO Biotech in a research report on Tuesday, September 3rd. Piper Sandler reissued an “overweight” rating and issued a $10.00 target price on shares of IO Biotech in a research note on Tuesday, September 3rd.

Read Our Latest Stock Report on IOBT

IO Biotech Stock Down 2.2 %

NASDAQ:IOBT opened at $0.75 on Monday. IO Biotech has a 52 week low of $0.73 and a 52 week high of $2.10. The stock has a market capitalization of $49.48 million, a PE ratio of -0.40 and a beta of 0.50. The stock’s 50-day moving average price is $1.31 and its 200-day moving average price is $1.40.

IO Biotech (NASDAQ:IOBTGet Free Report) last posted its earnings results on Tuesday, August 13th. The company reported ($0.31) EPS for the quarter, beating analysts’ consensus estimates of ($0.35) by $0.04. Sell-side analysts expect that IO Biotech will post -1.2 earnings per share for the current fiscal year.

Insider Activity

In other news, major shareholder Holdings A/S Novo sold 51,522 shares of IO Biotech stock in a transaction that occurred on Thursday, July 25th. The shares were sold at an average price of $1.33, for a total transaction of $68,524.26. Following the sale, the insider now owns 4,377,927 shares of the company’s stock, valued at approximately $5,822,642.91. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Corporate insiders own 2.30% of the company’s stock.

Institutional Trading of IO Biotech

Several institutional investors have recently added to or reduced their stakes in the stock. PFM Health Sciences LP increased its holdings in IO Biotech by 73.0% in 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 increased its holdings in IO Biotech by 8.1% in the 2nd 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 last quarter. Finally, XTX Topco Ltd increased its holdings in IO Biotech by 67.4% in the 2nd 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 during the last quarter. Institutional investors and hedge funds own 54.76% of the company’s stock.

IO Biotech Company Profile

(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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