IO Biotech (NASDAQ:IOBT) Price Target Increased to $6.00 by Analysts at Morgan Stanley

IO Biotech (NASDAQ:IOBT) had its price target raised by Morgan Stanley from $4.00 to $6.00 in a report issued on Monday morning, Benzinga reports. The brokerage currently has an overweight rating on the stock.

A number of other equities research analysts also recently commented on the stock. HC Wainwright reiterated a buy rating and set a $12.00 price target on shares of IO Biotech in a report on Tuesday, September 3rd. Piper Sandler reiterated an overweight rating and issued a $10.00 price target on shares of IO Biotech in a report on Tuesday, September 3rd.

IO Biotech Stock Performance

IOBT stock opened at $1.16 on Monday. The stock’s 50 day moving average price is $1.30 and its 200 day moving average price is $1.39. The firm has a market cap of $76.42 million, a P/E ratio of -0.62 and a beta of 0.50. IO Biotech has a 1 year low of $0.73 and a 1 year high of $2.10.

IO Biotech (NASDAQ:IOBT) last posted its quarterly earnings data on Tuesday, August 13th. The company reported ($0.31) EPS for the quarter, beating analysts’ consensus estimates of ($0.35) by $0.04. On average, research analysts predict that IO Biotech will post -1.2 earnings per share for the current year.

Insider Buying and Selling at IO Biotech

In related news, major shareholder Holdings A/S Novo sold 51,522 shares of the firm’s stock in a transaction that occurred on Thursday, July 25th. The shares were sold at an average price of $1.33, for a total value of $68,524.26. Following the sale, the insider now directly owns 4,377,927 shares of the company’s stock, valued at $5,822,642.91. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. 2.30% of the stock is owned by company insiders.

Institutional Inflows and Outflows

Several large investors have recently made changes to their positions in the company. PFM Health Sciences LP grew its position in IO Biotech by 73.0% during the fourth quarter. PFM Health Sciences LP now owns 2,341,107 shares of the company’s stock valued at $4,401,000 after acquiring an additional 987,654 shares during the period. Renaissance Technologies LLC lifted its stake 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 in the last quarter. Finally, XTX Topco Ltd lifted its stake 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 valued at $31,000 after purchasing an additional 10,688 shares in the last quarter. 54.76% of the stock is owned by hedge funds and other institutional investors.

IO Biotech Company Profile

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.