IO Biotech (NASDAQ:IOBT) Releases Earnings Results, Misses Expectations By $0.07 EPS

IO Biotech (NASDAQ:IOBT) posted its quarterly earnings data on Tuesday. The company reported ($0.36) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.29) by ($0.07), Zacks reports.

IO Biotech Trading Down 8.3 %

Shares of IO Biotech stock traded down $0.08 during trading on Thursday, hitting $0.89. 492,080 shares of the stock traded hands, compared to its average volume of 229,638. The stock’s fifty day simple moving average is $1.09 and its 200 day simple moving average is $1.26. The firm has a market cap of $58.63 million, a P/E ratio of -0.65 and a beta of 0.42. IO Biotech has a 52-week low of $0.73 and a 52-week high of $2.10.

Analysts Set New Price Targets

Several analysts have recently weighed in on the company. HC Wainwright reiterated a “buy” rating and set a $12.00 target price on shares of IO Biotech in a research report on Tuesday. Piper Sandler restated an “overweight” rating and issued a $10.00 target price on shares of IO Biotech in a research note on Tuesday, September 3rd. Finally, Morgan Stanley raised their target price on shares of IO Biotech from $4.00 to $6.00 and gave the stock an “overweight” rating in a research report on Monday, September 16th.

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.