IO Biotech (NASDAQ:IOBT) Trading Down 1.3% – What’s Next?

IO Biotech, Inc. (NASDAQ:IOBT)’s stock price was down 1.3% on Thursday . The company traded as low as $0.75 and last traded at $0.76. Approximately 161,904 shares traded hands during trading, a decline of 38% from the average daily volume of 262,563 shares. The stock had previously closed at $0.77.

Analysts Set New Price Targets

IOBT has been the topic of a number of research reports. HC Wainwright restated a “buy” rating and set a $12.00 price target on shares of IO Biotech in a research note on Tuesday, November 12th. Piper Sandler reissued an “overweight” rating and set a $10.00 target price on shares of IO Biotech in a research note on Tuesday, September 3rd. Finally, Morgan Stanley lifted their target price on IO Biotech from $4.00 to $6.00 and gave the company an “overweight” rating in a research report on Monday, September 16th.

IO Biotech Trading Up 1.4 %

The firm has a market cap of $50.79 million, a PE ratio of -0.56 and a beta of 0.27. The firm has a 50 day moving average price of $0.98 and a 200-day moving average price of $1.15.

IO Biotech (NASDAQ:IOBT) last issued its quarterly earnings data on Tuesday, November 12th. The company reported ($0.36) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.29) by ($0.07). Equities analysts forecast that IO Biotech, Inc. will post -1.35 earnings per share for the current fiscal year.

Institutional Trading of IO Biotech

An institutional investor recently raised its position in IO Biotech stock. Renaissance Technologies LLC boosted its stake in shares of IO Biotech, Inc. (NASDAQ:IOBT) by 8.1% in the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm owned 180,800 shares of the company’s stock after acquiring an additional 13,600 shares during the quarter. Renaissance Technologies LLC owned about 0.27% of IO Biotech worth $212,000 as of its most recent filing with the Securities and Exchange Commission. Hedge funds and other institutional investors own 54.76% of the company’s stock.

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.