IO Biotech (NASDAQ:IOBT) Rating Reiterated by HC Wainwright

IO Biotech (NASDAQ:IOBT)‘s stock had its “buy” rating reiterated by HC Wainwright in a report released on Monday, Benzinga reports. They currently have a $12.00 price target on the stock.

A number of other analysts have also weighed in on IOBT. Morgan Stanley raised their target price on IO Biotech from $4.00 to $6.00 and gave the company an “overweight” rating in a research note on Monday. Piper Sandler reissued an “overweight” rating and set a $10.00 price objective on shares of IO Biotech in a report on Tuesday, September 3rd.

IO Biotech Stock Up 53.5 %

NASDAQ:IOBT opened at $1.19 on Monday. The firm has a market cap of $78.40 million, a PE ratio of -0.64 and a beta of 0.50. IO Biotech has a 12 month low of $0.73 and a 12 month high of $2.10. The company’s 50-day moving average price is $1.30 and its two-hundred day moving average price is $1.39.

IO Biotech (NASDAQ:IOBT) last announced its earnings results on Tuesday, August 13th. The company reported ($0.31) EPS for the quarter, topping the consensus estimate of ($0.35) by $0.04. On average, research analysts expect that IO Biotech will post -1.2 EPS for the current fiscal year.

Insider Buying and Selling at IO Biotech

In other news, major shareholder Holdings A/S Novo sold 51,522 shares of the business’s stock in a transaction on Thursday, July 25th. The stock was sold at an average price of $1.33, for a total transaction of $68,524.26. Following the completion of the sale, the insider now owns 4,377,927 shares in the company, valued at $5,822,642.91. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. Corporate insiders own 2.30% of the company’s stock.

Institutional Investors Weigh In On IO Biotech

Several institutional investors have recently modified their holdings of the business. PFM Health Sciences LP increased its holdings in IO Biotech by 73.0% in the fourth quarter. PFM Health Sciences LP now owns 2,341,107 shares of the company’s stock valued at $4,401,000 after purchasing an additional 987,654 shares during the last quarter. Renaissance Technologies LLC boosted its holdings in IO Biotech by 8.1% during the second quarter. Renaissance Technologies LLC now owns 180,800 shares of the company’s stock worth $212,000 after buying an additional 13,600 shares during the last quarter. Finally, XTX Topco Ltd grew its position in shares of IO Biotech by 67.4% during the 2nd quarter. XTX Topco Ltd now owns 26,555 shares of the company’s stock worth $31,000 after buying an additional 10,688 shares during the period. Institutional investors and hedge funds own 54.76% of the company’s stock.

About IO Biotech

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.