IO Biotech, Inc. (NASDAQ:IOBT) Given Consensus Recommendation of “Hold” by Brokerages

IO Biotech, Inc. (NASDAQ:IOBT) has earned a consensus recommendation of “Hold” from the six analysts that are presently covering the stock, MarketBeat reports. One research analyst has rated the stock with a sell recommendation, four have assigned a hold recommendation and one has issued a buy recommendation on the company. The average 1 year target price among analysts that have updated their coverage on the stock in the last year is $6.3333.

Several equities analysts have recently weighed in on the company. TD Cowen restated a “hold” rating on shares of IO Biotech in a report on Tuesday, September 30th. Morgan Stanley cut IO Biotech from an “overweight” rating to an “equal weight” rating in a research report on Tuesday, September 30th. Weiss Ratings reaffirmed a “sell (e+)” rating on shares of IO Biotech in a research report on Monday. Piper Sandler dropped their price objective on IO Biotech from $10.00 to $3.00 and set an “overweight” rating on the stock in a research note on Wednesday, October 22nd. Finally, Cowen cut shares of IO Biotech to a “hold” rating in a research note on Tuesday, September 30th.

IO Biotech Stock Performance

Shares of IOBT stock opened at $0.73 on Wednesday. The company’s fifty day simple moving average is $0.88 and its 200-day simple moving average is $1.34. The company has a quick ratio of 2.01, a current ratio of 2.01 and a debt-to-equity ratio of 18.29. The firm has a market cap of $52.32 million, a PE ratio of -0.54 and a beta of 0.44. IO Biotech has a 12 month low of $0.32 and a 12 month high of $2.79.

IO Biotech (NASDAQ:IOBT) last released its earnings results on Friday, November 14th. The company reported ($0.28) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.31) by $0.03. Equities research analysts expect that IO Biotech will post -1.35 EPS for the current fiscal year.

Institutional Inflows and Outflows

Several institutional investors have recently modified their holdings of IOBT. Millennium Management LLC acquired a new stake in IO Biotech in the 3rd quarter valued at about $506,000. Boothbay Fund Management LLC acquired a new position in IO Biotech during the third quarter worth approximately $215,000. Marex Group plc bought a new stake in IO Biotech in the second quarter valued at approximately $63,000. NewEdge Advisors LLC acquired a new stake in shares of IO Biotech in the second quarter valued at approximately $34,000. Finally, Jane Street Group LLC bought a new position in shares of IO Biotech during the 1st quarter worth approximately $26,000. 54.76% of the stock is currently 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.