IO Biotech (NASDAQ:IOBT) Rating Reiterated by HC Wainwright

HC Wainwright restated their buy rating on shares of IO Biotech (NASDAQ:IOBT) in a research report report published on Monday morning, Benzinga reports. HC Wainwright currently has a $12.00 target price on the stock.

Other research analysts have also recently issued reports about the stock. Piper Sandler reiterated an overweight rating and issued a $10.00 target price on shares of IO Biotech in a research note on Tuesday, September 3rd. Morgan Stanley upped their price objective on IO Biotech from $4.00 to $6.00 and gave the company an overweight rating in a research note on Monday.

IO Biotech Stock Up 2.6 %

IOBT stock opened at $1.19 on Monday. The business has a 50 day moving average of $1.30 and a 200-day moving average of $1.39. The firm has a market cap of $78.40 million, a PE ratio of -0.64 and a beta of 0.50. IO Biotech has a 12-month low of $0.73 and a 12-month high of $2.10.

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

Insider Buying and Selling at IO Biotech

In other news, major shareholder Holdings A/S Novo sold 51,522 shares of IO Biotech stock in a transaction dated Thursday, July 25th. The shares were sold at an average price of $1.33, for a total value of $68,524.26. Following the completion of the transaction, the insider now owns 4,377,927 shares in the company, valued at $5,822,642.91. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Insiders own 2.30% of the company’s stock.

Hedge Funds Weigh In On IO Biotech

Large investors have recently made changes to their positions in the stock. PFM Health Sciences LP raised its stake in shares of IO Biotech by 73.0% during the 4th quarter. PFM Health Sciences LP now owns 2,341,107 shares of the company’s stock valued at $4,401,000 after purchasing an additional 987,654 shares during the period. Renaissance Technologies LLC grew its holdings in IO Biotech by 8.1% during the 2nd quarter. Renaissance Technologies LLC now owns 180,800 shares of the company’s stock valued at $212,000 after buying an additional 13,600 shares in the last quarter. Finally, XTX Topco Ltd increased its position in shares of IO Biotech by 67.4% during the second quarter. XTX Topco Ltd now owns 26,555 shares of the company’s stock valued at $31,000 after buying an additional 10,688 shares during the period. 54.76% of the stock is owned by institutional investors.

About IO Biotech

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.