IO Biotech (NASDAQ:IOBT) Rating Increased to Buy at Zacks Investment Research

IO Biotech (NASDAQ:IOBTGet Rating) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a research note issued to investors on Tuesday, Zacks.com reports. The firm currently has a $5.75 price target on the stock. Zacks Investment Research‘s price target would suggest a potential upside of 20.04% from the stock’s current price.

According to Zacks, “IO Biotech Inc. is a clinical-stage biopharmaceutical company. It involved in developing novel, immune-modulating cancer therapies based on its T-win(R) technology platform. IO Biotech Inc. is based in WILMINGTON, Del. “

NASDAQ:IOBT opened at $4.79 on Tuesday. IO Biotech has a one year low of $3.56 and a one year high of $17.88. The stock has a 50-day simple moving average of $6.58 and a 200 day simple moving average of $7.09.

IO Biotech (NASDAQ:IOBTGet Rating) last posted its quarterly earnings results on Monday, May 16th. The company reported ($0.60) EPS for the quarter, missing analysts’ consensus estimates of ($0.54) by ($0.06). On average, analysts predict that IO Biotech will post -2.51 EPS for the current year.

A number of hedge funds and other institutional investors have recently modified their holdings of IOBT. Ergoteles LLC bought a new stake in shares of IO Biotech during the first quarter valued at approximately $59,000. Stifel Financial Corp bought a new stake in shares of IO Biotech during the fourth quarter valued at approximately $64,000. Bank of America Corp DE bought a new stake in shares of IO Biotech during the fourth quarter valued at approximately $64,000. Geode Capital Management LLC bought a new stake in shares of IO Biotech during the fourth quarter valued at approximately $73,000. Finally, Jane Street Group LLC bought a new stake in shares of IO Biotech during the first quarter valued at approximately $76,000. 52.20% of the stock is currently owned by hedge funds and other institutional investors.

IO Biotech Company Profile (Get Rating)

IO Biotech, Inc, a clinical-stage biopharmaceutical company, develops immune-modulating cancer therapies based on the T-win technology platform. The company's lead product candidate, IO102-IO103, which is designed to target immunosuppressive proteins, such as Indoleamine 2,3-dehydrogenase (IDO), and programmed death-ligand (PD-L1) that is in phase 2 clinical trial to treat melanoma, as well as in phase 1 clinical trial to treat lung, head and neck, bladder, and melanoma cancer.

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