IO Biotech (NASDAQ:IOBT) Stock Rating Lowered by Wall Street Zen

IO Biotech (NASDAQ:IOBT) was downgraded by Wall Street Zen from a “hold” rating to a “sell” rating in a research note issued to investors on Saturday.

A number of other research analysts have also issued reports on IOBT. Morgan Stanley lowered shares of IO Biotech from an “overweight” rating to an “equal weight” rating in a research note on Tuesday, September 30th. TD Cowen reissued a “hold” rating on shares of IO Biotech in a report on Tuesday, September 30th. HC Wainwright downgraded IO Biotech from a “buy” rating to a “neutral” rating in a research report on Monday, September 29th. Piper Sandler lowered their price target on IO Biotech from $10.00 to $3.00 and set an “overweight” rating for the company in a research report on Wednesday, October 22nd. Finally, Cowen downgraded IO Biotech to a “hold” rating in a research note on Tuesday, September 30th. One research analyst has rated the stock with a Buy rating, four have assigned a Hold rating and one has assigned a Sell rating to the company’s stock. According to data from MarketBeat, IO Biotech presently has a consensus rating of “Hold” and an average price target of $6.33.

IO Biotech Price Performance

Shares of NASDAQ IOBT opened at $0.81 on Friday. IO Biotech has a fifty-two week low of $0.32 and a fifty-two week high of $2.79. The company has a market cap of $58.11 million, a PE ratio of -0.60 and a beta of 0.47. The company has a debt-to-equity ratio of 18.29, a quick ratio of 2.01 and a current ratio of 2.01. The business has a 50-day simple moving average of $0.78 and a two-hundred day simple moving average of $1.31.

IO Biotech (NASDAQ:IOBT) last posted its quarterly earnings data on Friday, November 14th. The company reported ($0.28) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.31) by $0.03. As a group, equities analysts expect that IO Biotech will post -1.35 EPS for the current fiscal year.

Institutional Investors Weigh In On IO Biotech

Several hedge funds have recently added to or reduced their stakes in IOBT. XTX Topco Ltd grew its position in IO Biotech by 80.0% during the 1st quarter. XTX Topco Ltd now owns 50,486 shares of the company’s stock worth $55,000 after purchasing an additional 22,446 shares during the period. Jane Street Group LLC purchased a new stake in shares of IO Biotech in the first quarter worth about $26,000. NewEdge Advisors LLC purchased a new stake in shares of IO Biotech in the second quarter worth about $34,000. Marex Group plc purchased a new position in IO Biotech during the second quarter valued at approximately $63,000. Finally, Boothbay Fund Management LLC acquired a new position in IO Biotech in the third quarter valued at approximately $215,000. 54.76% of the stock is 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.