FY2024 EPS Estimates for IO Biotech Lowered by HC Wainwright

IO Biotech, Inc. (NASDAQ:IOBT) – Equities research analysts at HC Wainwright lowered their FY2024 earnings per share (EPS) estimates for shares of IO Biotech in a research note issued to investors on Tuesday, November 12th. HC Wainwright analyst E. Bodnar now anticipates that the company will post earnings of ($1.36) per share for the year, down from their previous forecast of ($1.32). HC Wainwright has a “Buy” rating and a $12.00 price objective on the stock. The consensus estimate for IO Biotech’s current full-year earnings is ($1.18) per share. HC Wainwright also issued estimates for IO Biotech’s Q4 2024 earnings at ($0.39) 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.

IO Biotech (NASDAQ:IOBT) last announced its quarterly earnings data on Tuesday, November 12th. The company reported ($0.36) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.29) by ($0.07).

A number of other equities research analysts have also commented on IOBT. Morgan Stanley raised their price objective on IO Biotech from $4.00 to $6.00 and gave the stock an “overweight” rating in a research report on Monday, September 16th. Piper Sandler restated an “overweight” rating and set a $10.00 price target on shares of IO Biotech in a report on Tuesday, September 3rd.

IO Biotech Stock Down 7.9 %

NASDAQ:IOBT opened at $0.82 on Friday. IO Biotech has a 1-year low of $0.73 and a 1-year high of $2.10. The stock has a fifty day simple moving average of $1.09 and a 200 day simple moving average of $1.25. The firm has a market capitalization of $54.02 million, a price-to-earnings ratio of -0.60 and a beta of 0.42.

Institutional Inflows and Outflows

An institutional investor recently raised its position in IO Biotech stock. Renaissance Technologies LLC lifted its holdings in IO Biotech, Inc. (NASDAQ:IOBT) by 8.1% during the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 180,800 shares of the company’s stock after acquiring an additional 13,600 shares during the quarter. Renaissance Technologies LLC owned approximately 0.27% of IO Biotech worth $212,000 at the end of the most recent reporting period. Hedge funds and other institutional investors own 54.76% of the company’s stock.

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.