IO Biotech (NASDAQ:IOBT) Cut to “Sell” at Wall Street Zen

Wall Street Zen cut shares of IO Biotech (NASDAQ:IOBT) from a hold rating to a sell rating in a research note published on Monday.

A number of other equities research analysts also recently issued reports on the company. HC Wainwright downgraded IO Biotech from a “buy” rating to a “neutral” rating in a research note on Monday, September 29th. Piper Sandler lowered their price target on IO Biotech from $10.00 to $3.00 and set an “overweight” rating on the stock in a report on Wednesday, October 22nd. Cowen cut shares of IO Biotech to a “hold” rating in a research note on Tuesday, September 30th. Morgan Stanley lowered IO Biotech from an “overweight” rating to an “equal weight” rating in a research note on Tuesday, September 30th. Finally, TD Cowen restated a “hold” rating on shares of IO Biotech in a research report on Tuesday, September 30th. One investment analyst has rated the stock with a Buy rating, four have issued a Hold rating and one has assigned a Sell rating to the company’s stock. According to MarketBeat, the company presently has an average rating of “Hold” and an average price target of $6.33.

IO Biotech Trading Up 4.8%

Shares of IOBT stock opened at $0.61 on Monday. The stock has a market capitalization of $43.81 million, a P/E ratio of -0.45 and a beta of 0.47. 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 firm’s 50 day moving average is $0.78 and its 200 day moving average is $1.24. IO Biotech has a 12-month low of $0.32 and a 12-month high of $2.79.

IO Biotech (NASDAQ:IOBT) last released its quarterly earnings results on Friday, November 14th. The company reported ($0.28) earnings per share for the quarter, beating the consensus estimate of ($0.31) by $0.03. Research analysts expect that IO Biotech will post -1.35 earnings per share for the current year.

Institutional Trading of IO Biotech

A number of institutional investors have recently modified their holdings of the company. Millennium Management LLC acquired a new position in shares of IO Biotech during the third quarter valued at about $506,000. Boothbay Fund Management LLC acquired a new position in IO Biotech during the third quarter worth $215,000. Marex Group plc acquired a new stake in IO Biotech in the 2nd quarter worth about $63,000. NewEdge Advisors LLC acquired a new stake in IO Biotech during the 2nd quarter worth $34,000. Finally, Jane Street Group LLC purchased a new stake in IO Biotech during the 1st quarter valued at about $26,000. 54.76% of the stock is currently owned by institutional investors.

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.