IO Biotech (NASDAQ:IOBT) Rating Lowered to “Sell” at Wall Street Zen

IO Biotech (NASDAQ:IOBT) was downgraded by stock analysts at Wall Street Zen from a “hold” rating to a “sell” rating in a report released on Monday.

Other equities analysts have also recently issued research reports about the company. Morgan Stanley cut IO Biotech from an “overweight” rating to an “equal weight” rating in a report on Tuesday, September 30th. Weiss Ratings reissued a “sell (e+)” rating on shares of IO Biotech in a research note on Monday, December 22nd. HC Wainwright downgraded shares of IO Biotech from a “buy” rating to a “neutral” rating in a research note on Monday, September 29th. Cowen cut shares of IO Biotech to a “hold” rating in a research report on Tuesday, September 30th. Finally, TD Cowen reissued a “hold” rating on shares of IO Biotech in a report on Tuesday, September 30th. One investment analyst has rated the stock with a Buy rating, four have issued a Hold rating and one has issued a Sell rating to the company’s stock. Based on data from MarketBeat.com, the company presently has an average rating of “Hold” and an average price target of $6.33.

IO Biotech Stock Performance

Shares of IO Biotech stock opened at $0.58 on Monday. The company has a debt-to-equity ratio of 18.29, a current ratio of 2.01 and a quick ratio of 2.01. The firm has a 50 day simple moving average of $0.79 and a 200 day simple moving average of $1.25. IO Biotech has a fifty-two week low of $0.32 and a fifty-two week high of $2.79. The firm has a market cap of $41.81 million, a P/E ratio of -0.43 and a beta of 0.47.

IO Biotech (NASDAQ:IOBT) last issued 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. Sell-side analysts predict that IO Biotech will post -1.35 earnings per share for the current fiscal year.

Institutional Investors Weigh In On IO Biotech

Institutional investors have recently bought and sold shares of the company. Jane Street Group LLC bought a new position in shares of IO Biotech during the 1st quarter worth approximately $26,000. NewEdge Advisors LLC acquired a new position in IO Biotech during the second quarter worth $34,000. Marex Group plc bought a new position in IO Biotech in the second quarter valued at $63,000. Boothbay Fund Management LLC acquired a new stake in IO Biotech in the 3rd quarter valued at $215,000. Finally, Millennium Management LLC acquired a new stake in IO Biotech in the 3rd quarter valued at $506,000. Institutional investors own 54.76% of the company’s stock.

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.