IO Biotech, Inc. (NASDAQ:IOBT) Receives $6.33 Average Price Target from Analysts

IO Biotech, Inc. (NASDAQ:IOBT) has been given an average recommendation of “Reduce” by the five brokerages that are covering the company, MarketBeat Ratings reports. Two research analysts have rated the stock with a sell rating and three have given a hold rating to the company. The average 1-year target price among brokerages that have updated their coverage on the stock in the last year is $6.3333.

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

IO Biotech Price Performance

NASDAQ:IOBT opened at $0.35 on Monday. IO Biotech has a one year low of $0.21 and a one year high of $2.79. The stock has a market cap of $25.18 million, a PE ratio of -0.26 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 stock has a 50 day moving average price of $0.56 and a 200 day moving average price of $1.03.

IO Biotech (NASDAQ:IOBT) last issued its earnings results 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. Equities research analysts expect that IO Biotech will post -1.35 EPS for the current fiscal year.

Hedge Funds Weigh In On IO Biotech

A number of hedge funds have recently modified their holdings of the business. Jane Street Group LLC purchased a new stake in IO Biotech in the 1st quarter valued at about $26,000. NewEdge Advisors LLC acquired a new stake in shares of IO Biotech during the second quarter valued at about $34,000. Marex Group plc purchased a new stake in shares of IO Biotech in the 2nd quarter valued at approximately $63,000. Boothbay Fund Management LLC acquired a new position in shares of IO Biotech in the 3rd quarter worth approximately $215,000. Finally, Millennium Management LLC acquired a new position in shares of IO Biotech in the 3rd quarter worth approximately $506,000. 54.76% of the stock is currently owned by hedge funds and other institutional investors.

About IO Biotech

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.