IO Biotech, Inc. (NASDAQ:IOBT) Receives $6.33 Average Price Target from Analysts

IO Biotech, Inc. (NASDAQ:IOBT) has been given a consensus rating of “Reduce” by the five ratings firms that are covering the firm, MarketBeat reports. Two analysts have rated the stock with a sell recommendation and three have issued a hold recommendation on the company. The average twelve-month price target among brokerages that have issued ratings on the stock in the last year is $6.3333.

A number of analysts have recently commented on the company. Morgan Stanley cut IO Biotech from an “equal weight” rating to an “underweight” rating in a research report on Thursday, January 8th. Weiss Ratings reissued a “sell (e+)” rating on shares of IO Biotech in a research report on Friday. Wall Street Zen upgraded IO Biotech from a “sell” rating to a “hold” rating in a research note on Saturday, January 10th. Finally, Piper Sandler lowered IO Biotech from an “overweight” rating to a “neutral” rating in a research report on Friday, January 23rd.

Institutional Trading of IO Biotech

Several institutional investors and hedge funds have recently bought and sold shares of IOBT. Beacon Pointe Advisors LLC acquired a new stake in IO Biotech during the 4th quarter worth $308,000. Millennium Management LLC acquired a new position in IO Biotech in the third quarter valued at $506,000. Boothbay Fund Management LLC purchased a new stake in shares of IO Biotech in the third quarter valued at about $215,000. Marex Group plc purchased a new stake in shares of IO Biotech in the second quarter valued at about $63,000. Finally, NewEdge Advisors LLC acquired a new stake in shares of IO Biotech during the second quarter worth about $34,000. Hedge funds and other institutional investors own 54.76% of the company’s stock.

IO Biotech Price Performance

Shares of IOBT opened at $0.17 on Tuesday. IO Biotech has a 1-year low of $0.14 and a 1-year high of $2.79. The stock has a market cap of $12.40 million, a PE ratio of -0.13 and a beta of 0.42. The company has a debt-to-equity ratio of 18.29, a current ratio of 2.01 and a quick ratio of 2.01. The firm has a fifty day moving average price of $0.30 and a 200 day moving average price of $0.64.

IO Biotech Company Profile

IO Biotech ApS is a clinical-stage biotechnology company headquartered in Copenhagen, Denmark, specializing in the development of novel immuno-oncology therapies. The company’s proprietary platform focuses on activating and sustaining anti-tumor immune responses by targeting the PD-L1 immune checkpoint. IO Biotech’s lead candidate, IO-VAC(R), is a peptide-based cancer vaccine designed to induce durable T-cell responses against PD-L1–expressing tumors.

Since its founding in 2013, IO Biotech has advanced IO-VAC(R) into multiple clinical trials, including Phase II studies in patients with metastatic melanoma.