HC Wainwright Reaffirms Buy Rating for IO Biotech (NASDAQ:IOBT)

HC Wainwright restated their buy rating on shares of IO Biotech (NASDAQ:IOBT) in a research note issued to investors on Tuesday morning,Benzinga reports. They currently have a $12.00 target price on the stock. HC Wainwright also issued estimates for IO Biotech’s Q4 2024 earnings at ($0.39) EPS, FY2024 earnings at ($1.36) EPS, FY2025 earnings at ($1.03) EPS, FY2026 earnings at ($0.88) EPS, FY2027 earnings at ($0.59) EPS and FY2028 earnings at ($0.27) EPS.

Several other analysts have also recently weighed in on IOBT. Morgan Stanley boosted their price target on IO Biotech from $4.00 to $6.00 and gave the stock an “overweight” rating in a report on Monday, September 16th. Piper Sandler reiterated an “overweight” rating and issued a $10.00 target price on shares of IO Biotech in a report on Tuesday, September 3rd.

IO Biotech Trading Down 4.5 %

NASDAQ IOBT traded down $0.04 during trading on Tuesday, hitting $0.85. 73,267 shares of the company’s stock were exchanged, compared to its average volume of 228,937. The company has a market cap of $56.00 million, a PE ratio of -0.65 and a beta of 0.42. IO Biotech has a fifty-two week low of $0.73 and a fifty-two week high of $2.10. The stock’s 50 day moving average price is $1.09 and its two-hundred day moving average price is $1.26.

IO Biotech (NASDAQ:IOBT) last released its quarterly earnings results on Tuesday, November 12th. The company reported ($0.36) earnings per share for the quarter, missing the consensus estimate of ($0.29) by ($0.07). Analysts forecast that IO Biotech will post -1.18 earnings per share for the current fiscal year.

Hedge Funds Weigh In On IO Biotech

An institutional investor recently raised its position in IO Biotech stock. Renaissance Technologies LLC lifted its position in shares of IO Biotech, Inc. (NASDAQ:IOBT) by 8.1% during the second quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 180,800 shares of the company’s stock after purchasing an additional 13,600 shares during the quarter. Renaissance Technologies LLC owned 0.27% of IO Biotech worth $212,000 at the end of the most recent reporting period. 54.76% of the stock is currently owned by hedge funds and other institutional investors.

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.