IO Biotech, Inc. (NASDAQ:IOBT) Receives Average Rating of “Reduce” from Brokerages

Shares of IO Biotech, Inc. (NASDAQ:IOBT) have been given a consensus recommendation of “Reduce” by the five analysts that are covering the stock, Marketbeat reports. Two research analysts have rated the stock with a sell rating and three have assigned a hold rating to the company. The average 1 year price objective among analysts that have updated their coverage on the stock in the last year is $3.50.

Several equities analysts recently issued reports on IOBT shares. Wall Street Zen upgraded IO Biotech from a “sell” rating to a “hold” rating in a research report on Saturday, January 10th. Piper Sandler lowered shares of IO Biotech from an “overweight” rating to a “neutral” rating in a research note on Friday, January 23rd. Morgan Stanley downgraded shares of IO Biotech from an “equal weight” rating to an “underweight” rating in a research report on Thursday, January 8th. Finally, Weiss Ratings restated a “sell (e+)” rating on shares of IO Biotech in a report on Friday, March 27th.

IO Biotech Price Performance

Shares of IO Biotech stock opened at $0.05 on Friday. IO Biotech has a 1 year low of $0.03 and a 1 year high of $2.79. The business has a 50-day moving average of $0.20 and a two-hundred day moving average of $0.49. The company has a market capitalization of $3.45 million, a P/E ratio of -0.04 and a beta of 0.88. The company has a debt-to-equity ratio of 18.29, a current ratio of 2.01 and a quick ratio of 2.01.

Institutional Trading of IO Biotech

A number of institutional investors have recently modified their holdings of IOBT. Millennium Management LLC bought a new stake in shares of IO Biotech in the third quarter valued at about $506,000. Boothbay Fund Management LLC bought a new position in shares of IO Biotech during the third quarter worth about $215,000. Beacon Pointe Advisors LLC acquired a new stake in IO Biotech in the 4th quarter valued at approximately $308,000. Marex Group plc bought a new stake in IO Biotech in the 2nd quarter valued at approximately $63,000. Finally, NewEdge Advisors LLC bought a new position in shares of IO Biotech during the 2nd quarter worth approximately $34,000. 54.76% of the stock is currently owned by institutional investors.

IO Biotech Company Profile

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.