IO Biotech’s (IOBT) “Buy” Rating Reiterated at HC Wainwright

HC Wainwright restated their buy rating on shares of IO Biotech (NASDAQ:IOBT) in a research note published on Tuesday morning, Benzinga reports. They currently have a $12.00 price objective on the stock.

Separately, Morgan Stanley reduced their target price on shares of IO Biotech from $7.00 to $4.00 and set an overweight rating for the company in a report on Tuesday.

IO Biotech Price Performance

NASDAQ IOBT opened at $0.90 on Tuesday. The company has a market cap of $58.97 million, a price-to-earnings ratio of -0.48 and a beta of 0.48. The stock’s fifty day moving average price is $1.35 and its 200 day moving average price is $1.44. IO Biotech has a 1 year low of $0.82 and a 1 year high of $2.10.

IO Biotech (NASDAQ:IOBT) last announced its quarterly earnings data on Tuesday, August 13th. The company reported ($0.31) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.35) by $0.04. Research analysts expect that IO Biotech will post -1.21 earnings per share for the current year.

Insider Buying and Selling at IO Biotech

In related news, major shareholder Holdings A/S Novo sold 51,522 shares of the business’s stock in a transaction on Thursday, July 25th. The shares were sold at an average price of $1.33, for a total value of $68,524.26. Following the completion of the transaction, the insider now directly owns 4,377,927 shares in the company, valued at approximately $5,822,642.91. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. 2.30% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On IO Biotech

Several hedge funds have recently modified their holdings of the company. PFM Health Sciences LP raised its holdings in IO Biotech by 73.0% in the 4th quarter. PFM Health Sciences LP now owns 2,341,107 shares of the company’s stock worth $4,401,000 after purchasing an additional 987,654 shares during the period. Renaissance Technologies LLC raised its stake in shares of IO Biotech by 8.1% during the 2nd 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 period. Finally, XTX Topco Ltd raised its stake 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. 54.76% of the stock is owned by hedge funds and other institutional investors.

IO Biotech Company Profile

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.