IO Biotech (NASDAQ:IOBT) Stock Rating Reaffirmed by Piper Sandler

Piper Sandler reiterated their overweight rating on shares of IO Biotech (NASDAQ:IOBT) in a research note published on Tuesday morning, Benzinga reports. They currently have a $10.00 target price on the stock.

Several other research firms have also recently commented on IOBT. Morgan Stanley lowered their target price on IO Biotech from $7.00 to $4.00 and set an overweight rating for the company in a research note on Tuesday. HC Wainwright reaffirmed a buy rating and set a $12.00 price objective on shares of IO Biotech in a research report on Tuesday.

IO Biotech Trading Down 5.7 %

IOBT stock opened at $0.84 on Tuesday. The company has a market capitalization of $55.60 million, a PE ratio of -0.45 and a beta of 0.50. IO Biotech has a 12-month low of $0.80 and a 12-month high of $2.10. The business’s fifty day moving average price is $1.35 and its 200 day moving average price is $1.43.

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

Insider Transactions at IO Biotech

In other news, major shareholder Holdings A/S Novo sold 51,522 shares of the stock in a transaction that occurred 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 transaction, the insider now directly owns 4,377,927 shares of the company’s stock, valued at approximately $5,822,642.91. The sale was disclosed in a document filed with the SEC, which is accessible through this link. Company insiders own 2.30% of the company’s stock.

Institutional Investors Weigh In On IO Biotech

A number of institutional investors and hedge funds have recently modified their holdings of IOBT. XTX Topco Ltd grew its holdings in IO Biotech by 67.4% during 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 purchasing an additional 13,600 shares during the last quarter. 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 purchasing an additional 987,654 shares during the last quarter. Institutional investors and hedge funds own 54.76% of the company’s stock.

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.