IO Biotech (NASDAQ:IOBT) PT Raised to $12.00

IO Biotech (NASDAQ:IOBT) had its target price raised by HC Wainwright from $8.00 to $12.00 in a research report sent to investors on Wednesday, Benzinga reports. HC Wainwright currently has a buy rating on the stock.

IO Biotech Price Performance

Shares of NASDAQ:IOBT traded down $0.05 on Wednesday, reaching $1.38. 74,226 shares of the company traded hands, compared to its average volume of 128,598. The company’s 50 day moving average is $1.59 and its 200-day moving average is $1.52. The stock has a market capitalization of $90.91 million, a PE ratio of -0.66 and a beta of 0.55. IO Biotech has a fifty-two week low of $0.82 and a fifty-two week high of $2.28.

IO Biotech (NASDAQ:IOBT) last issued its quarterly earnings results on Tuesday, March 5th. The company reported ($0.40) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.36) by ($0.04). As a group, analysts expect that IO Biotech will post -1.41 EPS for the current year.

Insiders Place Their Bets

In other news, major shareholder Holdings A/S Novo sold 658,809 shares of the stock in a transaction on Friday, May 10th. The stock was sold at an average price of $1.22, for a total value of $803,746.98. Following the completion of the sale, the insider now owns 4,429,449 shares in the company, valued at $5,403,927.78. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Corporate insiders own 2.30% of the company’s stock.

Institutional Trading of IO Biotech

A number of hedge funds have recently made changes to their positions in IOBT. PFM Health Sciences LP increased its stake in IO Biotech by 73.0% in the 4th quarter. PFM Health Sciences LP now owns 2,341,107 shares of the company’s stock valued at $4,401,000 after buying an additional 987,654 shares during the period. Armistice Capital LLC purchased a new position in shares of IO Biotech during the 3rd quarter valued at $3,029,000. Stonepine Capital Management LLC acquired a new position in shares of IO Biotech in the third quarter worth $2,785,000. Finally, Vivo Capital LLC raised its holdings in shares of IO Biotech by 104.7% during the third quarter. Vivo Capital LLC now owns 6,173,439 shares of the company’s stock worth $8,705,000 after acquiring an additional 3,157,894 shares in the last quarter. 54.76% of the stock is 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.