IO Biotech, Inc. (NASDAQ:IOBT) Given Average Recommendation of “Hold” by Brokerages

IO Biotech, Inc. (NASDAQ:IOBT) has been given a consensus recommendation of “Hold” by the six ratings firms that are presently covering the stock, MarketBeat reports. One equities research analyst has rated the stock with a sell recommendation, four have given a hold recommendation and one has issued a buy recommendation on the company. The average 1 year target price among brokerages that have covered the stock in the last year is $6.3333.

Several brokerages have recently weighed in on IOBT. HC Wainwright lowered shares of IO Biotech from a “buy” rating to a “neutral” rating in a report on Monday, September 29th. Morgan Stanley lowered shares of IO Biotech from an “overweight” rating to an “equal weight” rating in a report on Tuesday, September 30th. Cowen lowered shares of IO Biotech to a “hold” rating in a report on Tuesday, September 30th. Weiss Ratings reiterated a “sell (d-)” rating on shares of IO Biotech in a report on Tuesday, October 14th. Finally, TD Cowen reiterated a “hold” rating on shares of IO Biotech in a report on Tuesday, September 30th.

IO Biotech Stock Up 20.6%

Shares of NASDAQ:IOBT opened at $1.04 on Friday. The business’s 50-day moving average is $1.20 and its 200-day moving average is $1.36. IO Biotech has a 1 year low of $0.32 and a 1 year high of $2.79. The company has a debt-to-equity ratio of 4.22, a current ratio of 1.96 and a quick ratio of 1.96.

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

Institutional Investors Weigh In On IO Biotech

Hedge funds and other institutional investors have recently made changes to their positions in the business. Jane Street Group LLC bought a new stake in shares of IO Biotech during the first quarter worth about $26,000. NewEdge Advisors LLC bought a new stake in shares of IO Biotech during the second quarter worth about $34,000. XTX Topco Ltd increased its position in shares of IO Biotech by 80.0% during 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, Marex Group plc bought a new stake in shares of IO Biotech during the second quarter worth about $63,000. 54.76% of the stock is owned by 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.