IO Biotech (NASDAQ:IOBT) Shares Down 1.3% – Here’s What Happened

Shares of IO Biotech, Inc. (NASDAQ:IOBT) fell 1.3% during mid-day trading on Thursday . The company traded as low as $0.75 and last traded at $0.76. 161,904 shares were traded during mid-day trading, a decline of 38% from the average session volume of 262,563 shares. The stock had previously closed at $0.77.

Wall Street Analyst Weigh In

A number of brokerages have recently issued reports on IOBT. HC Wainwright restated a “buy” rating and issued a $12.00 price objective on shares of IO Biotech in a research note on Tuesday, November 12th. Piper Sandler restated an “overweight” rating and issued a $10.00 price objective on shares of IO Biotech in a research report on Tuesday, September 3rd. Finally, Morgan Stanley raised their price objective on shares of IO Biotech from $4.00 to $6.00 and gave the company an “overweight” rating in a research report on Monday, September 16th.

IO Biotech Stock Performance

The stock has a market cap of $50.08 million, a price-to-earnings ratio of -0.55 and a beta of 0.27. The firm’s 50-day simple moving average is $1.00 and its two-hundred day simple moving average is $1.16.

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

Institutional Investors Weigh In On IO Biotech

A hedge fund recently raised its stake in IO Biotech stock. XTX Topco Ltd raised its position in IO Biotech, Inc. (NASDAQ:IOBT) by 67.4% in the 2nd quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 26,555 shares of the company’s stock after purchasing 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. Institutional investors own 54.76% of the company’s stock.

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.