IO Biotech (NASDAQ:IOBT) Issues Quarterly Earnings Results

IO Biotech (NASDAQ:IOBT) released its earnings results on Tuesday. The company reported ($0.36) earnings per share for the quarter, missing the consensus estimate of ($0.29) by ($0.07), Zacks reports.

IO Biotech Price Performance

NASDAQ IOBT traded up $0.06 on Wednesday, reaching $0.99. The company’s stock had a trading volume of 290,370 shares, compared to its average volume of 228,282. IO Biotech has a twelve month low of $0.73 and a twelve month high of $2.10. The firm’s 50 day moving average is $1.09 and its two-hundred day moving average is $1.26.

Wall Street Analyst Weigh In

IOBT has been the subject of several recent research reports. Morgan Stanley upped their price target on shares of IO Biotech from $4.00 to $6.00 and gave the stock an “overweight” rating in a research 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 report 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 report on Tuesday.

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.