IO Biotech, Inc. (NASDAQ:IOBT) Receives $6.33 Average Target Price from Brokerages

Shares of IO Biotech, Inc. (NASDAQ:IOBT) have earned an average rating of “Reduce” from the five analysts that are currently covering the company, MarketBeat Ratings reports. Two research analysts have rated the stock with a sell recommendation and three have issued a hold recommendation on the company. The average 12 month price objective among brokers that have issued a report on the stock in the last year is $6.3333.

A number of research firms have recently weighed in on IOBT. Wall Street Zen raised shares of IO Biotech from a “sell” rating to a “hold” rating in a research report on Saturday, January 10th. Weiss Ratings reaffirmed a “sell (e+)” rating on shares of IO Biotech in a research note on Monday, December 29th. Morgan Stanley lowered IO Biotech from an “equal weight” rating to an “underweight” rating in a research note on Thursday, January 8th. Finally, Piper Sandler downgraded IO Biotech from an “overweight” rating to a “neutral” rating in a research report on Friday, January 23rd.

IO Biotech Trading Down 1.8%

Shares of IOBT stock opened at $0.33 on Friday. The company has a market capitalization of $23.44 million, a price-to-earnings ratio of -0.24 and a beta of 0.43. The company has a current ratio of 2.01, a quick ratio of 2.01 and a debt-to-equity ratio of 18.29. The firm has a 50-day moving average price of $0.43 and a 200 day moving average price of $0.84. IO Biotech has a twelve month low of $0.21 and a twelve month high of $2.79.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently modified their holdings of the stock. Beacon Pointe Advisors LLC purchased a new position in shares of IO Biotech during the 4th quarter worth about $308,000. Millennium Management LLC acquired a new position in IO Biotech during the third quarter worth approximately $506,000. Boothbay Fund Management LLC purchased a new position in IO Biotech during the third quarter worth approximately $215,000. Marex Group plc purchased a new position in IO Biotech during the second quarter worth approximately $63,000. Finally, NewEdge Advisors LLC acquired a new position in shares of IO Biotech in the 2nd quarter valued at $34,000. Institutional investors and hedge funds own 54.76% of the company’s stock.

About IO Biotech

IO Biotech ApS is a clinical-stage biotechnology company headquartered in Copenhagen, Denmark, specializing in the development of novel immuno-oncology therapies. The company’s proprietary platform focuses on activating and sustaining anti-tumor immune responses by targeting the PD-L1 immune checkpoint. IO Biotech’s lead candidate, IO-VAC(R), is a peptide-based cancer vaccine designed to induce durable T-cell responses against PD-L1–expressing tumors.

Since its founding in 2013, IO Biotech has advanced IO-VAC(R) into multiple clinical trials, including Phase II studies in patients with metastatic melanoma.