IO Biotech (NASDAQ:IOBT) Cut to “Equal Weight” at Morgan Stanley

Morgan Stanley downgraded shares of IO Biotech (NASDAQ:IOBT) from an overweight rating to an equal weight rating in a research note published on Tuesday, MarketBeat reports.

Several other brokerages also recently issued reports on IOBT. Wall Street Zen raised shares of IO Biotech to a “sell” rating in a report on Saturday, June 14th. Cowen downgraded shares of IO Biotech to a “hold” rating in a report on Tuesday. Finally, HC Wainwright downgraded shares of IO Biotech from a “buy” rating to a “neutral” rating in a research note on Monday. One research analyst has rated the stock with a Strong Buy rating and four have issued a Hold rating to the stock. According to data from MarketBeat, IO Biotech presently has a consensus rating of “Hold” and a consensus price target of $8.00.

IO Biotech Stock Up 22.3%

Shares of NASDAQ IOBT opened at $0.44 on Tuesday. IO Biotech has a 12-month low of $0.32 and a 12-month high of $2.79. The company has a market capitalization of $28.66 million, a PE ratio of -0.28 and a beta of 0.22. The company has a debt-to-equity ratio of 4.22, a current ratio of 1.96 and a quick ratio of 1.96. The firm’s 50-day moving average is $1.68 and its two-hundred day moving average is $1.38.

IO Biotech (NASDAQ:IOBT) last announced its quarterly earnings results on Thursday, August 14th. The company reported ($0.40) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.35) by ($0.05). Equities analysts anticipate that IO Biotech will post -1.35 EPS for the current fiscal year.

Hedge Funds Weigh In On IO Biotech

Institutional investors and hedge funds have recently bought and sold shares of the stock. Jane Street Group LLC acquired a new position in IO Biotech during the first quarter worth approximately $26,000. NewEdge Advisors LLC acquired a new position in IO Biotech during the second quarter worth approximately $34,000. Marex Group plc acquired a new position in IO Biotech during the second quarter worth approximately $63,000. XTX Topco Ltd increased its position in shares of IO Biotech by 80.0% in the first quarter. XTX Topco Ltd now owns 50,486 shares of the company’s stock worth $55,000 after acquiring an additional 22,446 shares in the last quarter. Finally, Citadel Advisors LLC acquired a new stake in shares of IO Biotech in the fourth quarter worth $249,000. 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.