IO Biotech (NASDAQ:IOBT) Receives “Buy” Rating from HC Wainwright

HC Wainwright reiterated their buy rating on shares of IO Biotech (NASDAQ:IOBT) in a research report sent to investors on Wednesday morning, Benzinga reports. The firm currently has a $12.00 price objective on the stock.

A number of other equities research analysts have also issued reports on the stock. Morgan Stanley increased their price objective on shares of IO Biotech from $4.00 to $6.00 and gave the company an “overweight” rating in a report on Monday, September 16th. Piper Sandler restated an “overweight” rating and issued a $10.00 price target on shares of IO Biotech in a research report on Tuesday, September 3rd.

IO Biotech Stock Up 6.9 %

IOBT traded up $0.08 during midday trading on Wednesday, hitting $1.24. 11,788 shares of the company traded hands, compared to its average volume of 214,110. IO Biotech has a 52 week low of $0.73 and a 52 week high of $2.10. The firm has a market capitalization of $81.67 million, a PE ratio of -0.81 and a beta of 0.42. The company’s 50-day moving average is $1.12 and its 200 day moving average is $1.27.

IO Biotech (NASDAQ:IOBT) last released its quarterly earnings results on Tuesday, August 13th. The company reported ($0.31) EPS for the quarter, beating the consensus estimate of ($0.35) by $0.04. On average, sell-side analysts predict that IO Biotech will post -1.18 earnings per share for the current fiscal year.

Institutional Trading of IO Biotech

A hedge fund recently raised its stake in IO Biotech stock. XTX Topco Ltd raised its holdings in shares of IO Biotech, Inc. (NASDAQ:IOBT) by 67.4% in the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 26,555 shares of the company’s stock after purchasing an additional 10,688 shares during the quarter. XTX Topco Ltd’s holdings in IO Biotech were worth $31,000 at the end of the most recent reporting period. 54.76% of the stock is owned by hedge funds and other 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.