IO Biotech (NASDAQ:IOBT) Stock Rating Upgraded by Piper Sandler

Piper Sandler upgraded shares of IO Biotech (NASDAQ:IOBT) to a strong-buy rating in a report published on Wednesday morning,Zacks.com reports.

Separately, HC Wainwright reissued a “buy” rating and set a $12.00 price target on shares of IO Biotech in a research report on Wednesday, March 5th.

IO Biotech Stock Down 1.3 %

Shares of NASDAQ:IOBT opened at $0.88 on Wednesday. The business has a 50-day moving average price of $0.92 and a 200-day moving average price of $0.98. The stock has a market cap of $57.90 million, a price-to-earnings ratio of -0.64 and a beta of 0.22. IO Biotech has a 52-week low of $0.66 and a 52-week high of $1.85.

Institutional Investors Weigh In On IO Biotech

Several hedge funds and other institutional investors have recently added to or reduced their stakes in IOBT. Vontobel Holding Ltd. purchased a new stake in shares of IO Biotech in the fourth quarter worth about $30,000. Citadel Advisors LLC purchased a new position in IO Biotech during the fourth quarter valued at approximately $249,000. Renaissance Technologies LLC lifted its holdings in IO Biotech by 22.5% in the fourth quarter. Renaissance Technologies LLC now owns 118,800 shares of the company’s stock valued at $109,000 after acquiring an additional 21,800 shares during the period. XTX Topco Ltd purchased a new stake in IO Biotech in the 4th quarter worth approximately $26,000. Finally, Dauntless Investment Group LLC purchased a new stake in IO Biotech in the 4th quarter worth approximately $688,000. 54.76% of the stock is owned by institutional investors and hedge funds.

IO Biotech Company Profile

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.