IO Biotech (NASDAQ:IOBT) Given Sell (D-) Rating at Weiss Ratings

Weiss Ratings reiterated their sell (d-) rating on shares of IO Biotech (NASDAQ:IOBT) in a research note issued to investors on Tuesday morning,Weiss Ratings reports.

Other equities research analysts have also issued reports about the company. Morgan Stanley lowered IO Biotech from an “overweight” rating to an “equal weight” rating in a research note on Tuesday, September 30th. Cowen downgraded shares of IO Biotech to a “hold” rating in a report on Tuesday, September 30th. TD Cowen reaffirmed a “hold” rating on shares of IO Biotech in a report on Tuesday, September 30th. Finally, HC Wainwright downgraded shares of IO Biotech from a “buy” rating to a “neutral” rating in a report on Monday, September 29th. One research analyst has rated the stock with a Strong Buy rating, four have issued a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat, the stock currently has an average rating of “Hold” and a consensus target price of $8.00.

IO Biotech Trading Up 10.5%

NASDAQ:IOBT opened at $0.64 on Tuesday. 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 has a market capitalization of $42.28 million, a price-to-earnings ratio of -0.41 and a beta of 0.21. IO Biotech has a one year low of $0.32 and a one year high of $2.79. The business has a fifty day moving average price of $1.41 and a 200-day moving average price of $1.36.

IO Biotech (NASDAQ:IOBT) last posted its quarterly earnings data on Thursday, August 14th. The company reported ($0.40) EPS for the quarter, missing the consensus estimate of ($0.35) by ($0.05). Sell-side analysts forecast that IO Biotech will post -1.35 EPS for the current year.

Institutional Investors Weigh In On IO Biotech

Hedge funds have recently made changes to their positions in the company. XTX Topco Ltd boosted its stake in IO Biotech by 80.0% during the first quarter. XTX Topco Ltd now owns 50,486 shares of the company’s stock valued at $55,000 after buying an additional 22,446 shares during the last quarter. Marex Group plc bought a new position in IO Biotech during the second quarter valued at approximately $63,000. NewEdge Advisors LLC bought a new position in IO Biotech during the second quarter valued at approximately $34,000. Finally, Jane Street Group LLC bought a new position in IO Biotech during the first quarter valued at approximately $26,000. 54.76% of the stock is currently owned by hedge funds and other institutional investors.

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.