HC Wainwright Reiterates Buy Rating for IO Biotech (NASDAQ:IOBT)

IO Biotech (NASDAQ:IOBT)‘s stock had its “buy” rating reissued by analysts at HC Wainwright in a research note issued on Wednesday,Benzinga reports. They presently have a $12.00 price objective on the stock.

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

IO Biotech Trading Up 6.0 %

IOBT opened at $1.23 on Wednesday. IO Biotech has a 12-month low of $0.73 and a 12-month high of $2.10. The firm has a 50 day moving average of $1.11 and a two-hundred day moving average of $1.27. The firm has a market capitalization of $81.03 million, a PE ratio of -0.85 and a beta of 0.42.

IO Biotech (NASDAQ:IOBT) last issued its earnings results on Tuesday, August 13th. The company reported ($0.31) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.35) by $0.04. As a group, analysts predict that IO Biotech will post -1.18 EPS for the current fiscal year.

Institutional Trading of IO Biotech

An institutional investor recently raised its position in IO Biotech stock. Renaissance Technologies LLC lifted its stake in shares of IO Biotech, Inc. (NASDAQ:IOBT) by 8.1% in the second quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 180,800 shares of the company’s stock after purchasing an additional 13,600 shares during the period. Renaissance Technologies LLC owned about 0.27% of IO Biotech worth $212,000 as of its most recent filing with the Securities & Exchange Commission. 54.76% of the stock is currently 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.