HC Wainwright Reaffirms Buy Rating for IO Biotech (NASDAQ:IOBT)

HC Wainwright reiterated their buy rating on shares of IO Biotech (NASDAQ:IOBT) in a report issued on Monday morning, Benzinga reports. They currently have a $12.00 price target on the stock.

IOBT has been the topic of several other research reports. Morgan Stanley raised their target price on shares of IO Biotech from $4.00 to $6.00 and gave the company an overweight rating in a research note on Monday. Piper Sandler reiterated an overweight rating and set a $10.00 price objective on shares of IO Biotech in a research note on Tuesday, September 3rd.

IO Biotech Price Performance

Shares of IOBT stock opened at $1.16 on Monday. IO Biotech has a 12-month low of $0.73 and a 12-month high of $2.10. The firm has a market capitalization of $76.42 million, a price-to-earnings ratio of -0.62 and a beta of 0.50. The business has a 50 day simple moving average of $1.30 and a 200 day simple moving average of $1.39.

IO Biotech (NASDAQ:IOBT) last released 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. On average, equities analysts anticipate that IO Biotech will post -1.2 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 company’s stock in a transaction dated 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 sale, the insider now directly owns 4,377,927 shares of the company’s stock, valued at approximately $5,822,642.91. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. 2.30% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On IO Biotech

A number of institutional investors and hedge funds have recently modified their holdings of the stock. XTX Topco Ltd grew its holdings in shares of IO Biotech by 67.4% in the 2nd quarter. XTX Topco Ltd now owns 26,555 shares of the company’s stock worth $31,000 after acquiring an additional 10,688 shares during the last quarter. Renaissance Technologies LLC boosted its position in shares of 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 period. Finally, PFM Health Sciences LP increased its stake 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 worth $4,401,000 after purchasing an additional 987,654 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.