IO Biotech (NASDAQ:IOBT) Earns “Buy” Rating from HC Wainwright

IO Biotech (NASDAQ:IOBT)‘s stock had its “buy” rating reiterated by stock analysts at HC Wainwright in a research report issued to clients and investors on Tuesday,Benzinga reports. They presently have a $12.00 price objective on the stock.

A number of other analysts have also recently issued reports on IOBT. Morgan Stanley raised their price objective on IO Biotech from $4.00 to $6.00 and gave the company an “overweight” rating in a research report on Monday, September 16th. Piper Sandler reaffirmed an “overweight” rating and set a $10.00 price target on shares of IO Biotech in a report on Tuesday, September 3rd.

IO Biotech Price Performance

IOBT stock traded down $0.16 during mid-day trading on Tuesday, reaching $0.89. The company had a trading volume of 189,919 shares, compared to its average volume of 226,592. IO Biotech has a 52 week low of $0.73 and a 52 week high of $2.10. The company has a market capitalization of $58.57 million, a price-to-earnings ratio of -0.62 and a beta of 0.42. The stock has a 50 day simple moving average of $1.09 and a two-hundred day simple moving average of $1.26.

IO Biotech (NASDAQ:IOBT) last posted its quarterly earnings results on Tuesday, August 13th. The company reported ($0.31) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.35) by $0.04. On average, equities analysts predict that IO Biotech will post -1.18 EPS for the current year.

Institutional Inflows and Outflows

An institutional investor recently raised its position in IO Biotech stock. Renaissance Technologies LLC increased its holdings in shares of IO Biotech, Inc. (NASDAQ:IOBT) by 8.1% during the second quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 180,800 shares of the company’s stock after acquiring an additional 13,600 shares during the quarter. Renaissance Technologies LLC owned about 0.27% of IO Biotech worth $212,000 as of its most recent filing with the SEC. 54.76% of the stock is owned by institutional investors and hedge funds.

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.