IO Biotech (NASDAQ:IOBT) Shares Down 1.3% – Here’s Why

IO Biotech, Inc. (NASDAQ:IOBT) shares fell 1.3% during trading on Thursday . The stock traded as low as $0.75 and last traded at $0.76. 161,904 shares changed hands during mid-day trading, a decline of 38% from the average session volume of 262,563 shares. The stock had previously closed at $0.77.

Analyst Ratings Changes

IOBT has been the subject of a number of recent research reports. Morgan Stanley boosted their target price on shares of IO Biotech from $4.00 to $6.00 and gave the stock an “overweight” rating in a report on Monday, September 16th. HC Wainwright reaffirmed a “buy” rating and set a $12.00 price target on shares of IO Biotech in a research report on Tuesday, November 12th. Finally, Piper Sandler reissued an “overweight” rating and issued a $10.00 price objective on shares of IO Biotech in a research report on Tuesday, September 3rd.

IO Biotech Stock Up 1.4 %

The stock has a market cap of $50.79 million, a PE ratio of -0.56 and a beta of 0.27. The stock has a 50-day moving average of $0.98 and a 200 day moving average of $1.15.

IO Biotech (NASDAQ:IOBT) last announced its quarterly earnings results on Tuesday, November 12th. The company reported ($0.36) earnings per share for the quarter, missing the consensus estimate of ($0.29) by ($0.07). On average, equities analysts anticipate that IO Biotech, Inc. will post -1.35 EPS for the current year.

Institutional Trading of IO Biotech

A hedge fund recently raised its stake in IO Biotech stock. XTX Topco Ltd boosted its position in shares of IO Biotech, Inc. (NASDAQ:IOBT) by 67.4% during the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 26,555 shares of the company’s stock after purchasing an additional 10,688 shares during the period. XTX Topco Ltd’s holdings in IO Biotech were worth $31,000 at the end of the most recent quarter. Institutional investors and hedge funds own 54.76% 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.