IO Biotech, Inc. (NASDAQ:IOBT) Receives $6.33 Consensus Target Price from Brokerages

Shares of IO Biotech, Inc. (NASDAQ:IOBT) have been given a consensus recommendation of “Hold” by the six brokerages that are currently covering the firm, Marketbeat.com reports. One equities research analyst has rated the stock with a sell rating, four have assigned a hold rating and one has assigned a buy rating to the company. The average 12-month price target among brokers that have issued ratings on the stock in the last year is $6.3333.

IOBT has been the topic of a number of research reports. Cowen lowered IO Biotech to a “hold” rating in a report on Tuesday, September 30th. HC Wainwright lowered IO Biotech from a “buy” rating to a “neutral” rating in a research report on Monday, September 29th. Morgan Stanley lowered shares of IO Biotech from an “overweight” rating to an “equal weight” rating in a research report on Tuesday, September 30th. TD Cowen restated a “hold” rating on shares of IO Biotech in a research note on Tuesday, September 30th. Finally, Wall Street Zen raised shares of IO Biotech from a “sell” rating to a “hold” rating in a report on Sunday.

Institutional Investors Weigh In On IO Biotech

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Millennium Management LLC acquired a new position in shares of IO Biotech in the 3rd quarter valued at about $506,000. Boothbay Fund Management LLC purchased a new position in IO Biotech during the third quarter valued at approximately $215,000. XTX Topco Ltd lifted its holdings in IO Biotech by 80.0% in the first quarter. XTX Topco Ltd now owns 50,486 shares of the company’s stock valued at $55,000 after acquiring an additional 22,446 shares during the period. Marex Group plc purchased a new stake in IO Biotech in the 2nd quarter worth approximately $63,000. Finally, NewEdge Advisors LLC acquired a new stake in shares of IO Biotech during the 2nd quarter worth approximately $34,000. 54.76% of the stock is owned by institutional investors and hedge funds.

IO Biotech Trading Up 6.8%

NASDAQ:IOBT opened at $0.66 on Friday. The company has a market capitalization of $47.81 million, a P/E ratio of -0.49 and a beta of 0.47. The company has a current ratio of 2.01, a quick ratio of 2.01 and a debt-to-equity ratio of 18.29. IO Biotech has a 12 month low of $0.32 and a 12 month high of $2.79. The firm has a fifty day simple moving average of $0.79 and a 200-day simple moving average of $1.29.

IO Biotech (NASDAQ:IOBT) last released its earnings results on Friday, November 14th. The company reported ($0.28) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.31) by $0.03. On average, equities research analysts anticipate that IO Biotech will post -1.35 earnings per share for the current year.

About IO Biotech

IO Biotech ApS is a clinical-stage biotechnology company headquartered in Copenhagen, Denmark, specializing in the development of novel immuno-oncology therapies. The company’s proprietary platform focuses on activating and sustaining anti-tumor immune responses by targeting the PD-L1 immune checkpoint. IO Biotech’s lead candidate, IO-VAC(R), is a peptide-based cancer vaccine designed to induce durable T-cell responses against PD-L1–expressing tumors.

Since its founding in 2013, IO Biotech has advanced IO-VAC(R) into multiple clinical trials, including Phase II studies in patients with metastatic melanoma.