IO Biotech (NASDAQ:IOBT) Upgraded to “Hold” at Wall Street Zen

Wall Street Zen upgraded shares of IO Biotech (NASDAQ:IOBT) from a sell rating to a hold rating in a research note released on Saturday.

A number of other equities analysts have also weighed in on the stock. Piper Sandler decreased their price objective on shares of IO Biotech from $10.00 to $3.00 and set an “overweight” rating for the company in a report on Wednesday, October 22nd. HC Wainwright lowered IO Biotech from a “buy” rating to a “neutral” rating in a report on Monday, September 29th. Morgan Stanley downgraded IO Biotech from an “equal weight” rating to an “underweight” rating in a report on Thursday. Cowen cut 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 research report on Tuesday, September 30th. One equities research analyst has rated the stock with a Buy rating, three have assigned a Hold rating and two have assigned a Sell rating to the company. According to MarketBeat, IO Biotech currently has a consensus rating of “Reduce” and an average price target of $6.33.

IO Biotech Price Performance

Shares of IOBT opened at $0.56 on Friday. IO Biotech has a fifty-two week low of $0.32 and a fifty-two week high of $2.79. The firm’s 50-day simple moving average is $0.73 and its two-hundred day simple moving average is $1.21. The stock has a market cap of $40.46 million, a PE ratio of -0.42 and a beta of 0.48. The company has a debt-to-equity ratio of 18.29, a quick ratio of 2.01 and a current ratio of 2.01.

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. Analysts anticipate that IO Biotech will post -1.35 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently bought and sold shares of the company. Millennium Management LLC bought a new stake in IO Biotech during the third quarter valued at approximately $506,000. Boothbay Fund Management LLC purchased a new position in shares of IO Biotech during the 3rd quarter worth $215,000. Marex Group plc bought a new stake in shares of IO Biotech during the 2nd quarter valued at $63,000. NewEdge Advisors LLC purchased a new stake in shares of IO Biotech in the 2nd quarter worth $34,000. Finally, Jane Street Group LLC purchased a new stake in shares of IO Biotech in the 1st quarter worth $26,000. 54.76% of the stock is owned by hedge funds and other institutional investors.

IO Biotech Company Profile

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.