Analysts Set IO Biotech, Inc. (NASDAQ:IOBT) Price Target at $8.00

IO Biotech, Inc. (NASDAQ:IOBT) has earned an average recommendation of “Hold” from the six ratings firms that are presently covering the firm, MarketBeat Ratings reports. One analyst has rated the stock with a sell rating, four have issued a hold rating and one has assigned a strong buy rating to the company. The average 1-year target price among brokerages that have issued ratings on the stock in the last year is $8.00.

IOBT has been the topic of a number of research analyst reports. HC Wainwright downgraded shares of IO Biotech from a “buy” rating to a “neutral” rating in a report on Monday, September 29th. Cowen lowered IO Biotech to a “hold” rating in a research note on Tuesday, September 30th. Morgan Stanley cut IO Biotech from an “overweight” rating to an “equal weight” rating in a report on Tuesday, September 30th. Wall Street Zen raised IO Biotech to a “sell” rating in a report on Saturday, June 14th. Finally, TD Cowen reissued a “hold” rating on shares of IO Biotech in a report on Tuesday, September 30th.

IO Biotech Trading Down 0.1%

Shares of IOBT stock opened at $0.48 on Tuesday. The business’s fifty day moving average price is $1.61 and its 200 day moving average price is $1.38. The company has a quick ratio of 1.96, a current ratio of 1.96 and a debt-to-equity ratio of 4.22. IO Biotech has a 1-year low of $0.32 and a 1-year high of $2.79.

IO Biotech (NASDAQ:IOBT) last issued its earnings results on Thursday, August 14th. The company reported ($0.40) EPS for the quarter, missing the consensus estimate of ($0.35) by ($0.05). On average, sell-side analysts anticipate that IO Biotech will post -1.35 earnings per share for the current fiscal year.

Hedge Funds Weigh In On IO Biotech

Several hedge funds have recently added to or reduced their stakes in IOBT. Citadel Advisors LLC acquired a new position in IO Biotech during the fourth quarter worth about $249,000. XTX Topco Ltd increased its stake in shares of IO Biotech by 80.0% during the 1st quarter. XTX Topco Ltd now owns 50,486 shares of the company’s stock worth $55,000 after purchasing an additional 22,446 shares in the last quarter. Marex Group plc acquired a new position in shares of IO Biotech during the 2nd quarter worth approximately $63,000. NewEdge Advisors LLC acquired a new position in shares of IO Biotech during the 2nd quarter worth approximately $34,000. Finally, Jane Street Group LLC purchased a new stake in IO Biotech in the 1st quarter valued at approximately $26,000. 54.76% of the stock is currently owned by hedge funds and other 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.