IO Biotech (NASDAQ:IOBT) Receives “Buy” Rating from HC Wainwright

HC Wainwright reaffirmed their buy rating on shares of IO Biotech (NASDAQ:IOBT) in a research note issued to investors on Tuesday,Benzinga reports. HC Wainwright currently has a $12.00 price target on the stock. HC Wainwright also issued estimates for IO Biotech’s Q4 2024 earnings at ($0.39) EPS, FY2024 earnings at ($1.36) EPS, FY2025 earnings at ($1.03) EPS, FY2026 earnings at ($0.88) EPS, FY2027 earnings at ($0.59) EPS and FY2028 earnings at ($0.27) EPS.

Several other equities analysts have also issued reports on the company. Morgan Stanley increased their target price on IO Biotech from $4.00 to $6.00 and gave the stock an “overweight” rating in a research note on Monday, September 16th. Piper Sandler reissued an “overweight” rating and set a $10.00 price target on shares of IO Biotech in a research report on Tuesday, September 3rd.

IO Biotech Trading Down 7.9 %

NASDAQ IOBT opened at $0.82 on Tuesday. The stock has a fifty day simple moving average of $1.09 and a 200-day simple moving average of $1.25. The stock has a market cap of $54.02 million, a PE ratio of -0.60 and a beta of 0.42. IO Biotech has a twelve month low of $0.73 and a twelve month high of $2.10.

IO Biotech (NASDAQ:IOBT) last released its quarterly earnings results on Tuesday, November 12th. The company reported ($0.36) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.29) by ($0.07). Research analysts predict that IO Biotech will post -1.18 EPS for the current year.

Institutional Inflows and Outflows

An institutional investor recently raised its position in IO Biotech stock. Renaissance Technologies LLC raised its stake in IO Biotech, Inc. (NASDAQ:IOBT) by 8.1% during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 180,800 shares of the company’s stock after purchasing an additional 13,600 shares during the period. Renaissance Technologies LLC owned about 0.27% of IO Biotech worth $212,000 as of its most recent filing with the Securities and Exchange Commission (SEC). 54.76% of the stock is owned by institutional investors and hedge funds.

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.