Morgan Stanley Cuts IO Biotech (NASDAQ:IOBT) Price Target to $4.00

IO Biotech (NASDAQ:IOBT) had its target price lowered by Morgan Stanley from $7.00 to $4.00 in a report issued on Tuesday morning, Benzinga reports. The brokerage currently has an overweight rating on the stock.

Separately, HC Wainwright reaffirmed a buy rating and set a $12.00 target price on shares of IO Biotech in a report on Wednesday, August 14th.

IO Biotech Price Performance

Shares of NASDAQ:IOBT opened at $0.84 on Tuesday. The company’s fifty day moving average price is $1.35 and its 200-day moving average price is $1.43. The firm has a market capitalization of $55.60 million, a price-to-earnings ratio of -0.45 and a beta of 0.50. IO Biotech has a one year low of $0.80 and a one year high of $2.10.

IO Biotech (NASDAQ:IOBT) last issued its quarterly earnings results on Tuesday, August 13th. The company reported ($0.31) EPS for the quarter, topping analysts’ consensus estimates of ($0.35) by $0.04. As a group, equities research analysts expect that IO Biotech will post -1.21 EPS for the current year.

Insider Activity at IO Biotech

In related news, major shareholder Holdings A/S Novo sold 51,522 shares of the 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 of the company’s stock, valued at approximately $5,822,642.91. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. 2.30% of the stock is owned by insiders.

Institutional Investors Weigh In On IO Biotech

A number of large investors have recently added to or reduced their stakes in IOBT. PFM Health Sciences LP grew its holdings in IO Biotech by 73.0% in the 4th quarter. PFM Health Sciences LP now owns 2,341,107 shares of the company’s stock worth $4,401,000 after acquiring an additional 987,654 shares during the last quarter. Renaissance Technologies LLC grew its holdings in IO Biotech by 8.1% in the 2nd quarter. Renaissance Technologies LLC now owns 180,800 shares of the company’s stock worth $212,000 after acquiring an additional 13,600 shares during the last quarter. Finally, XTX Topco Ltd lifted its position in shares of IO Biotech by 67.4% in the 2nd quarter. XTX Topco Ltd now owns 26,555 shares of the company’s stock worth $31,000 after purchasing an additional 10,688 shares during the period. Institutional investors own 54.76% of the company’s stock.

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.