Brokerages Set IO Biotech, Inc. (NASDAQ:IOBT) PT at $6.33

Shares of IO Biotech, Inc. (NASDAQ:IOBT) have been given an average recommendation of “Reduce” by the five analysts that are currently covering the company, Marketbeat reports. Two research analysts have rated the stock with a sell rating and three have issued a hold rating on the company. The average 1-year price objective among analysts that have issued a report on the stock in the last year is $6.3333.

Several equities research analysts have issued reports on the stock. Weiss Ratings reiterated a “sell (e+)” rating on shares of IO Biotech in a research note on Monday, December 29th. Piper Sandler lowered shares of IO Biotech from an “overweight” rating to a “neutral” rating in a report on Friday, January 23rd. Morgan Stanley cut shares of IO Biotech from an “equal weight” rating to an “underweight” rating in a research report on Thursday, January 8th. Finally, Wall Street Zen raised IO Biotech from a “sell” rating to a “hold” rating in a research report on Saturday, January 10th.

IO Biotech Stock Performance

IO Biotech stock opened at $0.35 on Friday. The stock’s 50-day moving average is $0.46 and its 200-day moving average is $0.86. The company has a market cap of $25.11 million, a price-to-earnings ratio of -0.26 and a beta of 0.42. The company has a debt-to-equity ratio of 18.29, a current ratio of 2.01 and a quick ratio of 2.01. IO Biotech has a 12 month low of $0.21 and a 12 month high of $2.79.

Hedge Funds Weigh In On IO Biotech

Several hedge funds and other institutional investors have recently bought and sold shares of the stock. Millennium Management LLC acquired a new stake in IO Biotech in the third quarter valued at approximately $506,000. Boothbay Fund Management LLC purchased a new position in shares of IO Biotech in the third quarter valued at $215,000. Beacon Pointe Advisors LLC acquired a new stake in IO Biotech during the 4th quarter valued at $308,000. Marex Group plc purchased a new stake in IO Biotech during the 2nd quarter worth $63,000. Finally, NewEdge Advisors LLC acquired a new position in IO Biotech in the 2nd quarter worth $34,000. 54.76% of the stock is owned by institutional investors and hedge funds.

IO Biotech Company Profile

IO Biotech ApS is a clinical-stage biotechnology company headquartered in Copenhagen, Denmark, specializing in the development of novel immuno-oncology therapies. The company’s proprietary platform focuses on activating and sustaining anti-tumor immune responses by targeting the PD-L1 immune checkpoint. IO Biotech’s lead candidate, IO-VAC(R), is a peptide-based cancer vaccine designed to induce durable T-cell responses against PD-L1–expressing tumors.

Since its founding in 2013, IO Biotech has advanced IO-VAC(R) into multiple clinical trials, including Phase II studies in patients with metastatic melanoma.