IO Biotech (NASDAQ:IOBT) Announces Earnings Results, Misses Expectations By $0.07 EPS

IO Biotech (NASDAQ:IOBT) posted its earnings results on Tuesday. The company reported ($0.36) EPS for the quarter, missing the consensus estimate of ($0.29) by ($0.07), Zacks reports.

IO Biotech Stock Performance

IOBT stock traded up $0.04 during trading on Wednesday, hitting $0.97. The company had a trading volume of 293,909 shares, compared to its average volume of 228,295. IO Biotech has a one year low of $0.73 and a one year high of $2.10. The business has a 50-day moving average of $1.09 and a 200-day moving average of $1.26.

Analyst Ratings Changes

Several research analysts have recently issued reports on the company. Piper Sandler reiterated an “overweight” rating and issued a $10.00 price objective on shares of IO Biotech in a report on Tuesday, September 3rd. HC Wainwright reiterated a “buy” rating and set a $12.00 price target on shares of IO Biotech in a report on Tuesday. Finally, Morgan Stanley boosted their price objective on shares of IO Biotech from $4.00 to $6.00 and gave the stock an “overweight” rating in a research note on Monday, September 16th.

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.