Morgan Stanley Raises IO Biotech (NASDAQ:IOBT) Price Target to $6.00

IO Biotech (NASDAQ:IOBT) had its price objective hoisted by Morgan Stanley from $4.00 to $6.00 in a research report sent to investors on Monday morning, Benzinga reports. They currently have an overweight rating on the stock.

Other equities analysts have also recently issued research reports about the company. Piper Sandler restated an overweight rating and issued a $10.00 price target on shares of IO Biotech in a research report on Tuesday, September 3rd. HC Wainwright reissued a buy rating and issued a $12.00 target price on shares of IO Biotech in a report on Tuesday, September 3rd.

IO Biotech Stock Down 2.5 %

IOBT opened at $1.16 on Monday. The firm has a market cap of $76.42 million, a price-to-earnings ratio of -0.62 and a beta of 0.50. IO Biotech has a 52 week low of $0.73 and a 52 week high of $2.10. The business’s 50 day moving average is $1.30 and its two-hundred day moving average is $1.39.

IO Biotech (NASDAQ:IOBT) last released its quarterly earnings results on Tuesday, August 13th. The company reported ($0.31) EPS for the quarter, beating the consensus estimate of ($0.35) by $0.04. Equities analysts expect that IO Biotech will post -1.2 EPS for the current fiscal year.

Insider Buying and Selling

In other IO Biotech news, major shareholder Holdings A/S Novo sold 51,522 shares of IO Biotech stock in a transaction that occurred on Thursday, July 25th. The stock was sold at an average price of $1.33, for a total value of $68,524.26. Following the sale, the insider now owns 4,377,927 shares of the company’s stock, valued at approximately $5,822,642.91. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. 2.30% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On IO Biotech

A number of hedge funds and other institutional investors have recently bought and sold shares of the business. PFM Health Sciences LP grew its stake in shares of IO Biotech by 73.0% during the 4th quarter. PFM Health Sciences LP now owns 2,341,107 shares of the company’s stock worth $4,401,000 after purchasing an additional 987,654 shares during the period. Renaissance Technologies LLC boosted its holdings in IO Biotech by 8.1% during the second quarter. Renaissance Technologies LLC now owns 180,800 shares of the company’s stock worth $212,000 after buying an additional 13,600 shares in the last quarter. Finally, XTX Topco Ltd grew its position in IO Biotech by 67.4% during the second quarter. XTX Topco Ltd now owns 26,555 shares of the company’s stock worth $31,000 after buying an additional 10,688 shares during the period. Institutional investors and hedge funds 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.