IO Biotech (NASDAQ:IOBT) Posts Quarterly Earnings Results, Misses Expectations By $0.07 EPS

IO Biotech (NASDAQ:IOBT) issued its quarterly earnings data on Tuesday. The company reported ($0.36) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.29) by ($0.07), Zacks reports.

IO Biotech Stock Down 2.0 %

IOBT stock traded down $0.02 during midday trading on Thursday, hitting $0.95. The company’s stock had a trading volume of 21,600 shares, compared to its average volume of 227,509. The firm has a 50-day simple moving average of $1.09 and a 200-day simple moving average of $1.26. The firm has a market capitalization of $62.65 million, a P/E ratio of -0.71 and a beta of 0.42. IO Biotech has a 52-week low of $0.73 and a 52-week high of $2.10.

Wall Street Analysts Forecast Growth

Several equities analysts have recently commented on IOBT shares. Morgan Stanley upped their price objective on shares of IO Biotech from $4.00 to $6.00 and gave the stock an “overweight” rating in a report on Monday, September 16th. Piper Sandler restated an “overweight” rating and set a $10.00 price target on shares of IO Biotech in a research note on Tuesday, September 3rd. Finally, HC Wainwright reaffirmed a “buy” rating and issued a $12.00 price objective on shares of IO Biotech in a research note on Tuesday.

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.