IO Biotech (NASDAQ:IOBT) Posts Earnings Results, Beats Estimates By $0.04 EPS

IO Biotech (NASDAQ:IOBT) released its quarterly earnings results on Tuesday. The company reported ($0.31) EPS for the quarter, beating analysts’ consensus estimates of ($0.35) by $0.04, Yahoo Finance reports.

IO Biotech Price Performance

IOBT stock traded down $0.09 during midday trading on Wednesday, reaching $1.44. The company had a trading volume of 94,319 shares, compared to its average volume of 130,719. The firm has a 50-day moving average price of $1.28 and a 200-day moving average price of $1.47. The company has a market capitalization of $94.82 million, a P/E ratio of -0.82 and a beta of 0.48. IO Biotech has a 1 year low of $0.82 and a 1 year high of $2.18.

Analysts Set New Price Targets

Separately, HC Wainwright restated a “buy” rating and set a $12.00 target price on shares of IO Biotech in a research report on Wednesday.

Insider Activity

In related 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 value of $68,524.26. Following the completion of the transaction, the insider now directly owns 4,377,927 shares in the company, valued at $5,822,642.91. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Corporate insiders own 2.30% of the company’s stock.

IO Biotech Company Profile

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.