IO Biotech, Inc. (NASDAQ:IOBT) Receives $6.33 Consensus Target Price from Analysts

Shares of IO Biotech, Inc. (NASDAQ:IOBT) have earned a consensus recommendation of “Reduce” from the six analysts that are presently covering the stock, MarketBeat.com reports. Two equities research analysts have rated the stock with a sell recommendation, three have issued a hold recommendation and one has assigned a buy recommendation to the company. The average 12 month price objective among brokers that have issued ratings on the stock in the last year is $6.3333.

Several analysts have recently weighed in on the stock. Piper Sandler lowered their target price on shares of IO Biotech from $10.00 to $3.00 and set an “overweight” rating on the stock in a report on Wednesday, October 22nd. Morgan Stanley cut IO Biotech from an “equal weight” rating to an “underweight” rating in a research report on Thursday. Cowen downgraded IO Biotech to a “hold” rating in a research note on Tuesday, September 30th. Weiss Ratings restated a “sell (e+)” rating on shares of IO Biotech in a research note on Monday, December 29th. Finally, Wall Street Zen raised IO Biotech from a “sell” rating to a “hold” rating in a report on Saturday.

IO Biotech Stock Up 0.2%

Shares of NASDAQ IOBT opened at $0.56 on Thursday. IO Biotech has a 12-month low of $0.32 and a 12-month high of $2.79. The company has a current ratio of 2.01, a quick ratio of 2.01 and a debt-to-equity ratio of 18.29. The business’s fifty day simple moving average is $0.73 and its 200-day simple moving average is $1.21. The stock has a market cap of $40.46 million, a P/E ratio of -0.42 and a beta of 0.48.

IO Biotech (NASDAQ:IOBT) last issued its quarterly earnings results on Friday, November 14th. The company reported ($0.28) earnings per share for the quarter, topping the consensus estimate of ($0.31) by $0.03. As a group, equities analysts predict that IO Biotech will post -1.35 EPS for the current fiscal year.

Hedge Funds Weigh In On IO Biotech

A number of large investors have recently made changes to their positions in the stock. Millennium Management LLC purchased a new stake in IO Biotech during the third quarter worth about $506,000. Boothbay Fund Management LLC purchased a new stake in shares of IO Biotech during the 3rd quarter worth approximately $215,000. Marex Group plc acquired a new stake in shares of IO Biotech in the 2nd quarter worth approximately $63,000. NewEdge Advisors LLC purchased a new position in IO Biotech in the 2nd quarter valued at approximately $34,000. Finally, Jane Street Group LLC acquired a new position in IO Biotech during the first quarter worth $26,000. Hedge funds and other institutional investors own 54.76% of the company’s stock.

IO Biotech Company Profile

IO Biotech ApS is a clinical-stage biotechnology company headquartered in Copenhagen, Denmark, specializing in the development of novel immuno-oncology therapies. The company’s proprietary platform focuses on activating and sustaining anti-tumor immune responses by targeting the PD-L1 immune checkpoint. IO Biotech’s lead candidate, IO-VAC(R), is a peptide-based cancer vaccine designed to induce durable T-cell responses against PD-L1–expressing tumors.

Since its founding in 2013, IO Biotech has advanced IO-VAC(R) into multiple clinical trials, including Phase II studies in patients with metastatic melanoma.