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

IO Biotech (NASDAQ:IOBT) was upgraded by investment analysts at Wall Street Zen from a “sell” rating to a “hold” rating in a research note issued to investors on Sunday.

Several other brokerages have also issued reports on IOBT. Cowen lowered IO Biotech to a “hold” rating in a report on Tuesday, September 30th. Weiss Ratings reaffirmed a “sell (e+)” rating on shares of IO Biotech in a research report on Monday, December 15th. HC Wainwright downgraded IO Biotech from a “buy” rating to a “neutral” rating in a research note on Monday, September 29th. TD Cowen reiterated a “hold” rating on shares of IO Biotech in a report on Tuesday, September 30th. Finally, Morgan Stanley cut IO Biotech from an “overweight” rating to an “equal weight” rating in a research note on Tuesday, September 30th. One equities research analyst has rated the stock with a Buy rating, four have given a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat, the company currently has a consensus rating of “Hold” and an average price target of $6.33.

IO Biotech Price Performance

NASDAQ IOBT opened at $0.71 on Friday. The company has a debt-to-equity ratio of 18.29, a current ratio of 2.01 and a quick ratio of 2.01. The firm has a market capitalization of $50.84 million, a price-to-earnings ratio of -0.52 and a beta of 0.47. The company has a 50 day simple moving average of $0.80 and a 200-day simple moving average of $1.28. IO Biotech has a 52-week low of $0.32 and a 52-week high of $2.79.

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

Institutional Investors Weigh In On IO Biotech

Several institutional investors and hedge funds have recently added to or reduced their stakes in IOBT. Jane Street Group LLC bought a new stake in IO Biotech during the first quarter worth approximately $26,000. NewEdge Advisors LLC acquired a new stake in shares of IO Biotech in the second quarter worth $34,000. Marex Group plc acquired a new stake in shares of IO Biotech in the second quarter worth $63,000. Boothbay Fund Management LLC bought a new stake in shares of IO Biotech during the 3rd quarter worth $215,000. Finally, Millennium Management LLC acquired a new position in IO Biotech in the 3rd quarter valued at $506,000. 54.76% of the stock is currently owned by institutional investors and hedge funds.

IO Biotech Company Profile

IO Biotech ApS is a clinical-stage biotechnology company headquartered in Copenhagen, Denmark, specializing in the development of novel immuno-oncology therapies. The company’s proprietary platform focuses on activating and sustaining anti-tumor immune responses by targeting the PD-L1 immune checkpoint. IO Biotech’s lead candidate, IO-VAC(R), is a peptide-based cancer vaccine designed to induce durable T-cell responses against PD-L1–expressing tumors.

Since its founding in 2013, IO Biotech has advanced IO-VAC(R) into multiple clinical trials, including Phase II studies in patients with metastatic melanoma.