IO Biotech (NASDAQ:IOBT) Lowered to “Sell” Rating by Wall Street Zen

Wall Street Zen cut shares of IO Biotech (NASDAQ:IOBT) from a hold rating to a sell rating in a research report released on Saturday.

IOBT has been the topic of a number of other research reports. Weiss Ratings reaffirmed a “sell (e+)” rating on shares of IO Biotech in a report on Monday, December 8th. Morgan Stanley cut IO Biotech from an “overweight” rating to an “equal weight” rating in a report on Tuesday, September 30th. Piper Sandler decreased their price target 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. Cowen cut IO Biotech to a “hold” rating in a research report on Tuesday, September 30th. Finally, HC Wainwright lowered shares of IO Biotech from a “buy” rating to a “neutral” rating in a research report on Monday, September 29th. One investment analyst has rated the stock with a Buy rating, four have given a Hold rating and one has given a Sell rating to the company’s stock. According to data from MarketBeat, IO Biotech presently has a consensus rating of “Hold” and a consensus price target of $6.33.

IO Biotech Stock Down 5.0%

Shares of IO Biotech stock opened at $0.81 on Friday. The company has a market cap of $58.11 million, a P/E ratio of -0.60 and a beta of 0.47. The company has a debt-to-equity ratio of 18.29, a quick ratio of 2.01 and a current ratio of 2.01. IO Biotech has a one year low of $0.32 and a one year high of $2.79. The firm has a fifty day moving average of $0.78 and a two-hundred day moving average of $1.31.

IO Biotech (NASDAQ:IOBT) last issued its earnings results on Friday, November 14th. The company reported ($0.28) earnings per share for the quarter, beating the consensus estimate of ($0.31) by $0.03. On average, analysts forecast that IO Biotech will post -1.35 earnings per share for the current year.

Institutional Trading of IO Biotech

Several large investors have recently bought and sold shares of the company. Jane Street Group LLC acquired a new position in shares of IO Biotech during the 1st quarter worth $26,000. NewEdge Advisors LLC purchased a new position in IO Biotech during the 2nd quarter valued at about $34,000. XTX Topco Ltd increased its holdings in IO Biotech by 80.0% during the 1st quarter. XTX Topco Ltd now owns 50,486 shares of the company’s stock valued at $55,000 after acquiring an additional 22,446 shares in the last quarter. Marex Group plc acquired a new position in IO Biotech during the second quarter worth about $63,000. Finally, Boothbay Fund Management LLC purchased a new stake in shares of IO Biotech in the third quarter valued at about $215,000. Institutional investors and hedge funds own 54.76% of the company’s stock.

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.