IO Biotech, Inc. (NASDAQ:IOBT) Receives Consensus Rating of “Reduce” from Analysts

IO Biotech, Inc. (NASDAQ:IOBT) has earned an average recommendation of “Reduce” from the five brokerages that are covering the firm, MarketBeat.com reports. Two investment analysts have rated the stock with a sell recommendation and three have issued a hold recommendation on the company. The average 12-month price objective among brokers that have covered the stock in the last year is $6.3333.

Several equities analysts recently commented on the stock. Wall Street Zen raised shares of IO Biotech from a “sell” rating to a “hold” rating in a research report on Saturday, January 10th. Weiss Ratings reissued a “sell (e+)” rating on shares of IO Biotech in a research report on Monday, December 29th. Morgan Stanley lowered shares of IO Biotech from an “equal weight” rating to an “underweight” rating in a research note on Thursday, January 8th. Finally, Piper Sandler cut shares of IO Biotech from an “overweight” rating to a “neutral” rating in a report on Friday, January 23rd.

Hedge Funds Weigh In On IO Biotech

Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Jane Street Group LLC purchased a new position in IO Biotech in the 1st quarter worth $26,000. NewEdge Advisors LLC purchased a new stake in IO Biotech during the 2nd quarter valued at about $34,000. Marex Group plc acquired a new position in shares of IO Biotech in the second quarter valued at about $63,000. Boothbay Fund Management LLC acquired a new position in shares of IO Biotech in the third quarter valued at about $215,000. Finally, Beacon Pointe Advisors LLC purchased a new position in shares of IO Biotech in the fourth quarter worth about $308,000. Hedge funds and other institutional investors own 54.76% of the company’s stock.

IO Biotech Trading Up 18.3%

IO Biotech stock opened at $0.21 on Tuesday. IO Biotech has a one year low of $0.14 and a one year high of $2.79. The stock has a market cap of $15.04 million, a PE ratio of -0.15 and a beta of 0.42. 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 stock has a 50-day moving average of $0.33 and a two-hundred day moving average of $0.69.

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.