HC Wainwright Cuts Earnings Estimates for IO Biotech

IO Biotech, Inc. (NASDAQ:IOBT) – Investment analysts at HC Wainwright cut their FY2024 earnings per share (EPS) estimates for shares of IO Biotech in a research note issued on Tuesday, November 12th. HC Wainwright analyst E. Bodnar now anticipates that the company will post earnings of ($1.36) per share for the year, down from their previous estimate of ($1.32). HC Wainwright currently has a “Buy” rating and a $12.00 target price on the stock. The consensus estimate for IO Biotech’s current full-year earnings is ($1.18) per share. HC Wainwright also issued estimates for IO Biotech’s Q4 2024 earnings at ($0.39) EPS, FY2025 earnings at ($1.03) EPS, FY2026 earnings at ($0.88) EPS, FY2027 earnings at ($0.59) EPS and FY2028 earnings at ($0.27) EPS.

IO Biotech (NASDAQ:IOBT) last announced its earnings results on Tuesday, November 12th. The company reported ($0.36) EPS for the quarter, missing the consensus estimate of ($0.29) by ($0.07).

Other equities research analysts have also recently issued reports about the stock. Piper Sandler reaffirmed an “overweight” rating and issued a $10.00 target price on shares of IO Biotech in a report on Tuesday, September 3rd. Morgan Stanley lifted their target price on IO Biotech from $4.00 to $6.00 and gave the stock an “overweight” rating in a report on Monday, September 16th.

IO Biotech Price Performance

Shares of IOBT stock opened at $0.89 on Friday. The company’s fifty day simple moving average is $1.09 and its 200-day simple moving average is $1.26. IO Biotech has a 12 month low of $0.73 and a 12 month high of $2.10.

Institutional Investors Weigh In On IO Biotech

An institutional investor recently raised its position in IO Biotech stock. XTX Topco Ltd grew its position in shares of IO Biotech, Inc. (NASDAQ:IOBT) by 67.4% in the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 26,555 shares of the company’s stock after acquiring an additional 10,688 shares during the quarter. XTX Topco Ltd’s holdings in IO Biotech were worth $31,000 as of its most recent filing with the Securities & Exchange Commission. 54.76% of the stock is currently owned by 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.