IO Biotech (NASDAQ:IOBT) PT Raised to $6.00

IO Biotech (NASDAQ:IOBT) had its target price boosted by investment analysts at Morgan Stanley from $4.00 to $6.00 in a research note issued to investors on Monday, Benzinga reports. The firm currently has an “overweight” rating on the stock. Morgan Stanley’s price objective points to a potential upside of 404.20% from the company’s previous close.

Several other research firms also recently issued reports on IOBT. Piper Sandler restated an “overweight” rating and set a $10.00 target price on shares of IO Biotech in a research report on Tuesday, September 3rd. HC Wainwright reissued a “buy” rating and set a $12.00 price objective on shares of IO Biotech in a report on Tuesday, September 3rd.

IO Biotech Stock Performance

Shares of IO Biotech stock opened at $1.19 on Monday. The stock has a market capitalization of $78.40 million, a P/E ratio of -0.64 and a beta of 0.50. IO Biotech has a 52-week low of $0.73 and a 52-week high of $2.10. The stock’s 50-day simple moving average is $1.30 and its 200 day simple moving average is $1.39.

IO Biotech (NASDAQ:IOBT) last posted its quarterly earnings results on Tuesday, August 13th. The company reported ($0.31) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.35) by $0.04. Equities research analysts forecast that IO Biotech will post -1.2 EPS for the current fiscal year.

Insider Buying and Selling

In related news, major shareholder Holdings A/S Novo sold 51,522 shares of the business’s stock in a transaction dated Thursday, July 25th. The stock was sold at an average price of $1.33, for a total transaction of $68,524.26. Following the completion of the transaction, the insider now directly owns 4,377,927 shares in the company, valued at $5,822,642.91. The transaction was disclosed in a document filed with the SEC, which is available through this link. 2.30% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On IO Biotech

Hedge funds have recently bought and sold shares of the stock. XTX Topco Ltd increased its stake in IO Biotech by 67.4% in the second quarter. XTX Topco Ltd now owns 26,555 shares of the company’s stock valued at $31,000 after acquiring an additional 10,688 shares during the last quarter. Renaissance Technologies LLC increased its position in shares of IO Biotech by 8.1% during the 2nd quarter. Renaissance Technologies LLC now owns 180,800 shares of the company’s stock valued at $212,000 after purchasing an additional 13,600 shares during the last quarter. Finally, PFM Health Sciences LP increased its position in shares of IO Biotech by 73.0% during the 4th quarter. PFM Health Sciences LP now owns 2,341,107 shares of the company’s stock valued at $4,401,000 after purchasing an additional 987,654 shares during the last quarter. 54.76% of the stock is currently owned by 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.