IO Biotech (NASDAQ:IOBT) Stock Rating Reaffirmed by HC Wainwright

HC Wainwright reiterated their buy rating on shares of IO Biotech (NASDAQ:IOBT) in a report published on Wednesday morning, Benzinga reports. HC Wainwright currently has a $8.00 price objective on the stock.

Separately, Morgan Stanley cut their target price on shares of IO Biotech from $11.00 to $7.00 and set an overweight rating on the stock in a report on Tuesday, August 15th.

IO Biotech Price Performance

Shares of NASDAQ IOBT opened at $1.42 on Wednesday. IO Biotech has a one year low of $1.35 and a one year high of $3.52. The stock has a market capitalization of $93.55 million, a P/E ratio of -0.55 and a beta of -0.64. The firm’s 50 day simple moving average is $1.83 and its two-hundred day simple moving average is $1.95.

IO Biotech (NASDAQ:IOBT) last issued its earnings results on Friday, August 11th. The company reported ($0.74) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.66) by ($0.08). As a group, equities analysts expect that IO Biotech will post -2.21 earnings per share for the current fiscal year.

Insider Activity at IO Biotech

In related news, major shareholder Vivo Capital Ix, Llc purchased 3,157,894 shares of the business’s stock in a transaction that occurred on Wednesday, August 9th. The shares were acquired at an average price of $1.90 per share, for a total transaction of $5,999,998.60. Following the completion of the acquisition, the insider now directly owns 3,157,894 shares in the company, valued at approximately $5,999,998.60. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. 3.50% of the stock is currently owned by company insiders.

Institutional Trading of IO Biotech

Large investors have recently added to or reduced their stakes in the stock. Bank of America Corp DE lifted its position in IO Biotech by 18,441.9% during the fourth quarter. Bank of America Corp DE now owns 1,854,185 shares of the company’s stock valued at $4,265,000 after buying an additional 1,844,185 shares during the period. Renaissance Technologies LLC lifted its position in IO Biotech by 12.0% during the second quarter. Renaissance Technologies LLC now owns 69,100 shares of the company’s stock valued at $135,000 after buying an additional 7,400 shares during the period. Summit Trail Advisors LLC purchased a new position in IO Biotech during the second quarter valued at $86,000. Citadel Advisors LLC lifted its position in IO Biotech by 192.4% during the third quarter. Citadel Advisors LLC now owns 42,180 shares of the company’s stock valued at $114,000 after buying an additional 27,754 shares during the period. Finally, Morgan Stanley lifted its position in IO Biotech by 31.7% during the fourth quarter. Morgan Stanley now owns 29,060 shares of the company’s stock valued at $67,000 after buying an additional 7,000 shares during the period.

IO Biotech Company Profile

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 3 clinical trial to treat melanoma, as well as in phase 1 clinical trial to treat lung, head and neck, bladder, and melanoma cancer.