Renaissance Technologies LLC Purchases 13,600 Shares of IO Biotech, Inc. (NASDAQ:IOBT)

Renaissance Technologies LLC increased its position in IO Biotech, Inc. (NASDAQ:IOBT) by 8.1% in the 2nd quarter, according to its most recent 13F filing with the SEC. The firm owned 180,800 shares of the company’s stock after buying an additional 13,600 shares during the period. Renaissance Technologies LLC owned about 0.27% of IO Biotech worth $212,000 at the end of the most recent quarter.

IO Biotech Stock Up 4.9 %

Shares of IOBT stock opened at $1.08 on Friday. The company’s fifty day simple moving average is $1.21 and its two-hundred day simple moving average is $1.32. IO Biotech, Inc. has a 52 week low of $0.73 and a 52 week high of $2.10. The stock has a market cap of $71.15 million, a P/E ratio of -0.58 and a beta of 0.46.

IO Biotech (NASDAQ:IOBT) last issued its earnings results on Tuesday, August 13th. The company reported ($0.31) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.35) by $0.04. On average, analysts anticipate that IO Biotech, Inc. will post -1.18 EPS for the current fiscal year.

Insiders Place Their Bets

In other news, major shareholder Holdings A/S Novo sold 51,522 shares of the stock in a transaction that occurred on 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 approximately $5,822,642.91. This represents a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Corporate insiders own 2.30% of the company’s stock.

Analyst Upgrades and Downgrades

A number of equities research analysts have commented on the company. HC Wainwright reissued a “buy” rating and set a $12.00 price target on shares of IO Biotech in a report on Monday, September 16th. Piper Sandler reissued an “overweight” rating and set a $10.00 target price on shares of IO Biotech in a research note on Tuesday, September 3rd. Finally, Morgan Stanley upped their price target on IO Biotech from $4.00 to $6.00 and gave the stock an “overweight” rating in a research note on Monday, September 16th.

IO Biotech 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.