IO Biotech, Inc. (NASDAQ:IOBT) Given Consensus Recommendation of “Reduce” by Brokerages

Shares of IO Biotech, Inc. (NASDAQ:IOBT) have earned a consensus recommendation of “Reduce” from the five brokerages that are covering the stock, Marketbeat.com reports. Two research analysts have rated the stock with a sell recommendation and three have issued a hold recommendation on the company. The average twelve-month price objective among brokerages that have updated their coverage on the stock in the last year is $3.50.

Several analysts have issued reports on IOBT shares. Weiss Ratings restated a “sell (e+)” rating on shares of IO Biotech in a report on Friday, March 27th. Piper Sandler cut IO Biotech from an “overweight” rating to a “neutral” rating in a report on Friday, January 23rd.

Hedge Funds Weigh In On IO Biotech

Hedge funds have recently modified their holdings of the business. Jane Street Group LLC purchased a new position in shares of IO Biotech during the 1st quarter worth $26,000. NewEdge Advisors LLC purchased a new position in shares of IO Biotech during the 2nd quarter worth $34,000. Marex Group plc purchased a new position in shares of IO Biotech during the 2nd quarter worth $63,000. Beacon Pointe Advisors LLC purchased a new position in shares of IO Biotech during the 4th quarter worth $308,000. Finally, Boothbay Fund Management LLC purchased a new position in shares of IO Biotech during the 3rd quarter worth $215,000. 54.76% of the stock is currently owned by hedge funds and other institutional investors.

IO Biotech Price Performance

Shares of NASDAQ:IOBT opened at $0.05 on Wednesday. The company has a quick ratio of 2.01, a current ratio of 2.01 and a debt-to-equity ratio of 18.29. The business has a fifty day moving average of $0.11 and a two-hundred day moving average of $0.42. The stock has a market cap of $3.45 million, a P/E ratio of -0.04 and a beta of 0.88. IO Biotech has a 52-week low of $0.03 and a 52-week high of $2.79.

About IO Biotech

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.