IO Biotech (NASDAQ:IOBT) Shares Down 1.3% – Here’s What Happened

IO Biotech, Inc. (NASDAQ:IOBT)’s share price fell 1.3% during mid-day trading on Thursday . The company traded as low as $0.75 and last traded at $0.76. 161,904 shares changed hands during trading, a decline of 38% from the average session volume of 262,563 shares. The stock had previously closed at $0.77.

Wall Street Analysts Forecast Growth

IOBT has been the subject of a number of research analyst reports. Piper Sandler reaffirmed an “overweight” rating and issued a $10.00 price target on shares of IO Biotech in a research note on Tuesday, September 3rd. HC Wainwright restated a “buy” rating and set a $12.00 price target on shares of IO Biotech in a report on Tuesday, November 12th. Finally, Morgan Stanley boosted their price target on shares of IO Biotech from $4.00 to $6.00 and gave the company an “overweight” rating in a report on Monday, September 16th.

IO Biotech Stock Down 1.3 %

The company has a market capitalization of $50.08 million, a P/E ratio of -0.55 and a beta of 0.27. The company’s 50-day simple moving average is $1.00 and its 200 day simple moving average is $1.16.

IO Biotech (NASDAQ:IOBT) last posted its earnings results on Tuesday, November 12th. The company reported ($0.36) EPS for the quarter, missing the consensus estimate of ($0.29) by ($0.07). As a group, equities research analysts forecast that IO Biotech, Inc. will post -1.35 earnings per share for the current year.

Institutional Trading of IO Biotech

An institutional investor recently raised its position in IO Biotech stock. Renaissance Technologies LLC grew its holdings in IO Biotech, Inc. (NASDAQ:IOBT) by 8.1% in the second quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 180,800 shares of the company’s stock after buying an additional 13,600 shares during the quarter. Renaissance Technologies LLC owned 0.27% of IO Biotech worth $212,000 as of its most recent filing with the 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.