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

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

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

IO Biotech Stock Performance

Shares of IOBT stock opened at $0.84 on Tuesday. IO Biotech has a 52-week low of $0.80 and a 52-week high of $2.10. The company has a 50-day simple moving average of $1.35 and a two-hundred day simple moving average of $1.43. The company has a market capitalization of $55.60 million, a price-to-earnings ratio of -0.45 and a beta of 0.50.

IO Biotech (NASDAQ:IOBT) last released its earnings results on Tuesday, August 13th. The company reported ($0.31) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.35) by $0.04. On average, sell-side analysts forecast that IO Biotech will post -1.21 EPS for the current fiscal year.

Insider Activity at IO Biotech

In related news, major shareholder Holdings A/S Novo sold 51,522 shares of the company’s stock in a transaction that occurred 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 sale, the insider now directly owns 4,377,927 shares in the company, valued at approximately $5,822,642.91. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. 2.30% of the stock is currently owned by corporate insiders.

Institutional Trading of IO Biotech

Institutional investors have recently modified their holdings of the business. XTX Topco Ltd lifted its stake in shares of IO Biotech by 67.4% during the 2nd quarter. XTX Topco Ltd now owns 26,555 shares of the company’s stock valued at $31,000 after buying an additional 10,688 shares in the last quarter. Renaissance Technologies LLC lifted its stake 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 purchasing an additional 13,600 shares in the last quarter. Finally, PFM Health Sciences LP lifted its stake 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 purchasing an additional 987,654 shares in the last quarter. 54.76% of the stock is currently owned by hedge funds and other institutional investors.

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.