IO Biotech (NASDAQ:IOBT) Announces Quarterly Earnings Results, Misses Expectations By $0.07 EPS

IO Biotech (NASDAQ:IOBT) issued its earnings results on Tuesday. The company reported ($0.36) EPS for the quarter, missing the consensus estimate of ($0.29) by ($0.07), Zacks reports.

IO Biotech Price Performance

Shares of IOBT stock traded up $0.04 on Wednesday, hitting $0.97. 293,909 shares of the company’s stock were exchanged, compared to its average volume of 228,295. IO Biotech has a 12 month low of $0.73 and a 12 month high of $2.10. The company has a 50 day moving average of $1.09 and a 200 day moving average of $1.26.

Wall Street Analysts Forecast Growth

Several analysts recently weighed in on IOBT shares. Morgan Stanley lifted their price target on IO Biotech from $4.00 to $6.00 and gave the stock an “overweight” rating in a report on Monday, September 16th. HC Wainwright restated a “buy” rating and issued a $12.00 price target on shares of IO Biotech in a research note on Tuesday. Finally, Piper Sandler reiterated an “overweight” rating and issued a $10.00 price objective on shares of IO Biotech in a research note on Tuesday, September 3rd.

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.