IO Biotech (NASDAQ:IOBT) Upgraded at Piper Sandler

Piper Sandler upgraded shares of IO Biotech (NASDAQ:IOBT) to a strong-buy rating in a report issued on Wednesday morning,Zacks.com reports.

Separately, HC Wainwright reaffirmed a “buy” rating and issued a $12.00 price objective on shares of IO Biotech in a research report on Wednesday, March 5th.

IO Biotech Stock Down 1.3 %

Shares of NASDAQ:IOBT opened at $0.88 on Wednesday. The company has a market capitalization of $57.90 million, a price-to-earnings ratio of -0.64 and a beta of 0.22. The firm has a 50 day moving average of $0.92 and a 200 day moving average of $0.98. IO Biotech has a 52 week low of $0.66 and a 52 week high of $1.85.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently added to or reduced their stakes in IOBT. XTX Topco Ltd acquired a new stake in IO Biotech in the fourth quarter worth about $26,000. Vontobel Holding Ltd. acquired a new stake in IO Biotech in the 4th quarter worth approximately $30,000. Renaissance Technologies LLC boosted its stake in IO Biotech by 22.5% in the 4th quarter. Renaissance Technologies LLC now owns 118,800 shares of the company’s stock worth $109,000 after purchasing an additional 21,800 shares in the last quarter. Citadel Advisors LLC purchased a new stake in IO Biotech during the 4th quarter worth approximately $249,000. Finally, Landscape Capital Management L.L.C. acquired a new position in IO Biotech during the 4th quarter valued at approximately $407,000. 54.76% of the stock is currently owned by hedge funds and other institutional investors.

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.