IO Biotech (NASDAQ:IOBT) Price Target Raised to $6.00

IO Biotech (NASDAQ:IOBT) had its price target hoisted by Morgan Stanley from $4.00 to $6.00 in a research report released on Monday, Benzinga reports. Morgan Stanley currently has an overweight rating on the stock.

Other equities research analysts have also recently issued research reports about the company. HC Wainwright reiterated a buy rating and set a $12.00 price objective on shares of IO Biotech in a research note on Tuesday, September 3rd. Piper Sandler restated an overweight rating and set a $10.00 target price on shares of IO Biotech in a report on Tuesday, September 3rd.

IO Biotech Trading Up 2.6 %

IO Biotech stock opened at $1.19 on Monday. IO Biotech has a 1-year low of $0.73 and a 1-year high of $2.10. The company has a fifty day simple moving average of $1.30 and a 200 day simple moving average of $1.39. The company has a market cap of $78.40 million, a P/E ratio of -0.64 and a beta of 0.50.

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

Insiders Place Their Bets

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

Hedge Funds Weigh In On IO Biotech

Several large investors have recently modified their holdings of the stock. XTX Topco Ltd grew its stake in IO Biotech by 67.4% in the 2nd quarter. XTX Topco Ltd now owns 26,555 shares of the company’s stock valued at $31,000 after buying an additional 10,688 shares during the last quarter. Renaissance Technologies LLC boosted its holdings in shares of 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 acquiring an additional 13,600 shares during the period. Finally, PFM Health Sciences LP boosted its holdings in shares of IO Biotech by 73.0% during the fourth quarter. PFM Health Sciences LP now owns 2,341,107 shares of the company’s stock worth $4,401,000 after acquiring an additional 987,654 shares during the period. 54.76% of the stock is owned by institutional investors.

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.