IO Biotech (NASDAQ:IOBT) Cut to “Neutral” at HC Wainwright

HC Wainwright downgraded shares of IO Biotech (NASDAQ:IOBT) from a buy rating to a neutral rating in a research note published on Monday morning, MarketBeat.com reports.

Other analysts have also recently issued reports about the stock. Morgan Stanley lowered their price target on IO Biotech from $6.00 to $4.00 and set an “overweight” rating for the company in a report on Tuesday, August 12th. Wall Street Zen raised IO Biotech to a “sell” rating in a research report on Saturday, June 14th. One analyst has rated the stock with a Strong Buy rating and four have assigned a Hold rating to the company’s stock. According to data from MarketBeat.com, the company has a consensus rating of “Hold” and an average price target of $8.00.

IO Biotech Trading Down 2.0%

IOBT opened at $0.36 on Monday. IO Biotech has a 1 year low of $0.32 and a 1 year high of $2.79. The firm has a 50 day moving average price of $1.71 and a 200 day moving average price of $1.39. The company has a debt-to-equity ratio of 4.22, a current ratio of 1.96 and a quick ratio of 1.96.

IO Biotech (NASDAQ:IOBT) last released its quarterly earnings data on Thursday, August 14th. The company reported ($0.40) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.35) by ($0.05). Analysts forecast that IO Biotech will post -1.35 EPS for the current year.

Institutional Inflows and Outflows

Several institutional investors have recently modified their holdings of the business. Jane Street Group LLC purchased a new position in IO Biotech in the first quarter valued at about $26,000. NewEdge Advisors LLC acquired a new position in shares of IO Biotech in the 2nd quarter valued at approximately $34,000. XTX Topco Ltd boosted its stake in shares of IO Biotech by 80.0% during the 1st quarter. XTX Topco Ltd now owns 50,486 shares of the company’s stock valued at $55,000 after buying an additional 22,446 shares during the last quarter. Marex Group plc purchased a new position in shares of IO Biotech during the 2nd quarter valued at approximately $63,000. Finally, Citadel Advisors LLC acquired a new stake in shares of IO Biotech during the fourth quarter worth approximately $249,000. Institutional investors and hedge funds 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.