IO Biotech (NASDAQ:IOBT – Get Free Report) was downgraded by Morgan Stanley from an “overweight” rating to an “equal weight” rating in a report released on Tuesday, Marketbeat Ratings reports.
Several other research analysts have also recently commented on IOBT. Cowen cut IO Biotech to a “hold” rating in a research report on Tuesday. HC Wainwright downgraded shares of IO Biotech from a “buy” rating to a “neutral” rating in a report on Monday. Finally, Wall Street Zen upgraded shares of IO Biotech to a “sell” rating in a research report on Saturday, June 14th. One analyst has rated the stock with a Strong Buy rating and four have assigned a Hold rating to the company’s stock. According to data from MarketBeat, the stock currently has an average rating of “Hold” and a consensus price target of $8.00.
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IO Biotech Price Performance
Shares of IOBT opened at $0.36 on Tuesday. The stock’s 50-day moving average price is $1.71 and its 200 day moving average price is $1.39. The company has a debt-to-equity ratio of 4.22, a quick ratio of 1.96 and a current ratio of 1.96. IO Biotech has a 12-month low of $0.32 and a 12-month high of $2.79.
IO Biotech (NASDAQ:IOBT – Get Free Report) last announced its quarterly earnings data on Thursday, August 14th. The company reported ($0.40) EPS for the quarter, missing analysts’ consensus estimates of ($0.35) by ($0.05). On average, analysts predict that IO Biotech will post -1.35 earnings per share for the current year.
Hedge Funds Weigh In On IO Biotech
A number of institutional investors and hedge funds have recently added to or reduced their stakes in IOBT. XTX Topco Ltd grew its stake in IO Biotech by 80.0% during the first quarter. XTX Topco Ltd now owns 50,486 shares of the company’s stock worth $55,000 after buying an additional 22,446 shares during the last quarter. Jane Street Group LLC bought a new position in shares of IO Biotech in the first quarter valued at approximately $26,000. NewEdge Advisors LLC acquired a new position in shares of IO Biotech in the 2nd quarter worth approximately $34,000. Marex Group plc acquired a new position in shares of IO Biotech in the 2nd quarter worth approximately $63,000. Finally, Citadel Advisors LLC bought a new stake in IO Biotech during the 4th quarter worth approximately $249,000. 54.76% of the stock is currently owned by institutional investors and hedge funds.
IO Biotech Company Profile
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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.
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