IO Biotech’s (IOBT) Buy Rating Reaffirmed at HC Wainwright

IO Biotech (NASDAQ:IOBT)‘s stock had its “buy” rating reissued by research analysts at HC Wainwright in a report released on Tuesday,Benzinga reports. They presently have a $12.00 price target on the stock.

A number of other equities analysts also recently weighed in on IOBT. Morgan Stanley boosted their price target on shares of IO Biotech from $4.00 to $6.00 and gave the stock an “overweight” rating in a report on Monday, September 16th. Piper Sandler reissued an “overweight” rating and set a $10.00 target price on shares of IO Biotech in a research report on Tuesday, September 3rd.

IO Biotech Stock Performance

IOBT stock opened at $0.97 on Tuesday. The business has a 50-day simple moving average of $1.09 and a two-hundred day simple moving average of $1.26. The company has a market capitalization of $63.91 million, a P/E ratio of -0.71 and a beta of 0.42. IO Biotech has a 52-week low of $0.73 and a 52-week high of $2.10.

IO Biotech (NASDAQ:IOBT) last posted its quarterly earnings data on Tuesday, November 12th. The company reported ($0.36) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.29) by ($0.07). As a group, sell-side analysts forecast that IO Biotech will post -1.18 earnings per share for the current fiscal year.

Institutional Investors Weigh In On IO Biotech

An institutional investor recently raised its position in IO Biotech stock. XTX Topco Ltd grew its holdings in shares of IO Biotech, Inc. (NASDAQ:IOBT) by 67.4% in the second quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 26,555 shares of the company’s stock after purchasing an additional 10,688 shares during the quarter. XTX Topco Ltd’s holdings in IO Biotech were worth $31,000 at the end of the most recent reporting period. Institutional investors and hedge funds own 54.76% of the company’s stock.

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.