HC Wainwright Reiterates Buy Rating for IO Biotech (NASDAQ:IOBT)

HC Wainwright reaffirmed their buy rating on shares of IO Biotech (NASDAQ:IOBT) in a research note released on Monday morning, Benzinga reports. They currently have a $12.00 target price on the stock.

IOBT has been the topic of a number of other reports. Piper Sandler restated an overweight rating and set a $10.00 price target on shares of IO Biotech in a report on Tuesday, September 3rd. Morgan Stanley boosted their target price on shares of IO Biotech from $4.00 to $6.00 and gave the company an overweight rating in a research report on Monday.

IO Biotech Stock Up 2.6 %

Shares of NASDAQ IOBT opened at $1.19 on Monday. The company has a market capitalization of $78.40 million, a PE ratio of -0.64 and a beta of 0.50. IO Biotech has a twelve month low of $0.73 and a twelve month high of $2.10. The firm has a fifty day simple moving average of $1.30 and a 200 day simple moving average of $1.39.

IO Biotech (NASDAQ:IOBT) last posted its quarterly earnings data on Tuesday, August 13th. The company reported ($0.31) earnings per share for the quarter, topping the consensus estimate of ($0.35) by $0.04. As a group, equities analysts expect that IO Biotech will post -1.2 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other IO Biotech news, major shareholder Holdings A/S Novo sold 51,522 shares of the company’s stock in a transaction on Thursday, July 25th. The shares were sold at an average price of $1.33, for a total transaction of $68,524.26. Following the transaction, the insider now owns 4,377,927 shares in the company, valued at $5,822,642.91. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Corporate insiders own 2.30% of the company’s stock.

Institutional Investors Weigh In On IO Biotech

Several hedge funds and other institutional investors have recently made changes to their positions in IOBT. XTX Topco Ltd lifted its position in IO Biotech by 67.4% in the 2nd quarter. XTX Topco Ltd now owns 26,555 shares of the company’s stock valued at $31,000 after acquiring an additional 10,688 shares in the last quarter. Renaissance Technologies LLC raised its stake in shares of IO Biotech by 8.1% in the second quarter. Renaissance Technologies LLC now owns 180,800 shares of the company’s stock worth $212,000 after purchasing an additional 13,600 shares during the last quarter. Finally, PFM Health Sciences LP lifted its holdings in shares of IO Biotech by 73.0% in the fourth quarter. PFM Health Sciences LP now owns 2,341,107 shares of the company’s stock valued at $4,401,000 after purchasing an additional 987,654 shares in the last quarter. 54.76% of the stock is owned by institutional investors.

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.