Mai-Britt Zocca Buys 12,500 Shares of IO Biotech, Inc. (NASDAQ:IOBT) Stock

IO Biotech, Inc. (NASDAQ:IOBT) CEO Mai-Britt Zocca acquired 12,500 shares of the company’s stock in a transaction that occurred on Monday, December 23rd. The stock was purchased at an average price of $0.81 per share, for a total transaction of $10,125.00. Following the acquisition, the chief executive officer now directly owns 49,891 shares of the company’s stock, valued at $40,411.71. The trade was a 33.43 % increase in their position. The purchase was disclosed in a filing with the SEC, which is available through the SEC website.

IO Biotech Price Performance

IO Biotech stock opened at $0.91 on Wednesday. The firm has a market cap of $59.95 million, a price-to-earnings ratio of -0.66 and a beta of 0.27. The firm has a fifty day moving average price of $0.98 and a two-hundred day moving average price of $1.15. IO Biotech, Inc. has a fifty-two week low of $0.66 and a fifty-two week high of $2.10.

IO Biotech (NASDAQ:IOBT) last announced its earnings results on Tuesday, November 12th. The company reported ($0.36) earnings per share for the quarter, missing the consensus estimate of ($0.29) by ($0.07). As a group, sell-side analysts expect that IO Biotech, Inc. will post -1.35 earnings per share for the current year.

Hedge Funds Weigh In On IO Biotech

A hedge fund recently raised its stake in IO Biotech stock. XTX Topco Ltd grew its stake in shares of IO Biotech, Inc. (NASDAQ:IOBT) by 67.4% in the second quarter, according to its most recent disclosure with the SEC. The fund owned 26,555 shares of the company’s stock after buying an additional 10,688 shares during the period. XTX Topco Ltd’s holdings in IO Biotech were worth $31,000 as of its most recent filing with the SEC. 54.76% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

Several brokerages have recently commented on IOBT. Morgan Stanley increased their price target 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 target price on shares of IO Biotech in a report on Tuesday, September 3rd. Finally, HC Wainwright reiterated a “buy” rating and set a $12.00 price target on shares of IO Biotech in a research note on Tuesday, November 12th.

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.