IO Biotech (NASDAQ:IOBT) Announces Earnings Results

IO Biotech (NASDAQ:IOBT) posted its quarterly earnings data on Friday. The company reported ($0.28) earnings per share for the quarter, beating the consensus estimate of ($0.31) by $0.03, Zacks reports.

IO Biotech Stock Performance

NASDAQ IOBT traded up $0.01 during trading on Friday, reaching $0.83. 414,722 shares of the company’s stock were exchanged, compared to its average volume of 5,519,771. IO Biotech has a fifty-two week low of $0.32 and a fifty-two week high of $2.79. The company has a current ratio of 1.96, a quick ratio of 1.96 and a debt-to-equity ratio of 4.22. The company’s fifty day simple moving average is $1.03 and its 200-day simple moving average is $1.35.

Wall Street Analysts Forecast Growth

Several analysts recently commented on IOBT shares. Piper Sandler cut their target price on shares of IO Biotech from $10.00 to $3.00 and set an “overweight” rating for the company in a research note on Wednesday, October 22nd. Weiss Ratings reiterated a “sell (e+)” rating on shares of IO Biotech in a research report on Tuesday. TD Cowen reissued a “hold” rating on shares of IO Biotech in a research note on Tuesday, September 30th. Cowen lowered IO Biotech to a “hold” rating in a research report on Tuesday, September 30th. Finally, HC Wainwright downgraded IO Biotech from a “buy” rating to a “neutral” rating in a report on Monday, September 29th. One equities research analyst has rated the stock with a Buy rating, four have assigned a Hold rating and one has given a Sell rating to the company’s stock. Based on data from MarketBeat.com, the company presently has an average rating of “Hold” and a consensus target price of $6.33.

Institutional Trading of IO Biotech

A number of hedge funds have recently made changes to their positions in the stock. Marex Group plc acquired a new stake in shares of IO Biotech during the second quarter worth approximately $63,000. NewEdge Advisors LLC purchased a new stake in IO Biotech in the 2nd quarter worth approximately $34,000. Finally, Jane Street Group LLC acquired a new stake in shares of IO Biotech during the 1st quarter valued at $26,000. 54.76% of the stock is owned by hedge funds and other institutional investors.

About IO Biotech

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.