Brokerages Set IO Biotech, Inc. (NASDAQ:IOBT) Target Price at $3.50

IO Biotech, Inc. (NASDAQ:IOBT) has been assigned a consensus rating of “Reduce” from the five brokerages that are covering the company, MarketBeat.com reports. Two investment analysts have rated the stock with a sell recommendation and three have issued a hold recommendation on the company. The average 1 year price target among analysts that have issued a report on the stock in the last year is $3.50.

IOBT has been the topic of a number of recent research reports. Piper Sandler cut shares of IO Biotech from an “overweight” rating to a “neutral” rating in a research note on Friday, January 23rd. Weiss Ratings reissued a “sell (e+)” rating on shares of IO Biotech in a research report on Friday, March 27th. Morgan Stanley cut shares of IO Biotech from an “equal weight” rating to an “underweight” rating in a research report on Thursday, January 8th. Finally, Wall Street Zen raised shares of IO Biotech from a “sell” rating to a “hold” rating in a research report on Saturday, January 10th.

IO Biotech Price Performance

Shares of IOBT stock opened at $0.05 on Friday. IO Biotech has a 52-week low of $0.03 and a 52-week high of $2.79. The stock has a market cap of $3.45 million, a PE ratio of -0.04 and a beta of 0.88. The company has a debt-to-equity ratio of 18.29, a quick ratio of 2.01 and a current ratio of 2.01. The firm’s 50 day moving average price is $0.21 and its two-hundred day moving average price is $0.50.

Hedge Funds Weigh In On IO Biotech

Hedge funds and other institutional investors have recently made changes to their positions in the company. Jane Street Group LLC bought a new position in shares of IO Biotech during the first quarter worth $26,000. NewEdge Advisors LLC bought a new position in shares of IO Biotech during the second quarter worth $34,000. Marex Group plc bought a new position in shares of IO Biotech during the second quarter worth $63,000. Beacon Pointe Advisors LLC bought a new position in shares of IO Biotech during the fourth quarter worth $308,000. Finally, Boothbay Fund Management LLC bought a new position in shares of IO Biotech during the third quarter worth $215,000. 54.76% of the stock is owned by 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.