IO Biotech (NASDAQ:IOBT) Receives "Hold" Rating from TD Cowen

Key Points

• IO Biotech was downgraded from a "buy" to a "hold" rating by TD Cowen, reflecting growing investor caution regarding the company's prospects.
• Other analysts have also revised their ratings, with Morgan Stanley setting a price target of $0.39 and a consensus rating of "Hold" across the board.
• The company's stock has shown significant volatility, with a current price of $0.37, down from a one-year high of $2.79.

IO Biotech (NASDAQ:IOBT - Get Free Report)'s stock had its "hold" rating reissued by investment analysts at TD Cowen in a research report issued to clients and investors on Tuesday, Marketbeat.com reports.

A number of other equities analysts have also recently issued reports on IOBT. Wall Street Zen upgraded IO Biotech to a "sell" rating in a report on Saturday, June 14th. Cowen cut IO Biotech to a "hold" rating in a report on Tuesday. Morgan Stanley cut IO Biotech from an "overweight" rating to an "equal weight" rating in a report on Tuesday. Finally, HC Wainwright cut IO Biotech from a "buy" rating to a "neutral" rating in a research note on Monday. One research analyst has rated the stock with a Strong Buy rating and four have issued a Hold rating to the stock. According to MarketBeat, the company currently has an average rating of "Hold" and a consensus price target of $8.00.

IO Biotech Trading Down 1.1%

NASDAQ:IOBT traded down $0.00 on Tuesday, reaching $0.36. 4,180,735 shares of the stock traded hands, compared to its average volume of 1,442,955. The firm has a market capitalization of $23.78 million, a price-to-earnings ratio of -0.23 and a beta of 0.41. The company's 50 day moving average is $1.77 and its 200-day moving average is $1.40. The company has a current ratio of 1.96, a quick ratio of 1.96 and a debt-to-equity ratio of 4.22. IO Biotech has a 1-year low of $0.32 and a 1-year high of $2.79.

IO Biotech (NASDAQ:IOBT - Get Free Report) last released its earnings results on Thursday, August 14th. The company reported ($0.40) earnings per share for the quarter, missing analysts' consensus estimates of ($0.35) by ($0.05). Equities research analysts anticipate that IO Biotech will post -1.35 EPS for the current fiscal year.

Institutional Inflows and Outflows

Hedge funds have recently added to or reduced their stakes in the stock. Citadel Advisors LLC purchased a new position in shares of IO Biotech during the fourth quarter worth about $249,000. XTX Topco Ltd grew its holdings in shares of 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 purchasing an additional 22,446 shares in the last quarter. Jane Street Group LLC purchased a new position in shares of IO Biotech during the first quarter worth about $26,000. NewEdge Advisors LLC purchased a new position in shares of IO Biotech during the second quarter worth about $34,000. Finally, Marex Group plc purchased a new position in shares of IO Biotech during the second quarter worth about $63,000. Hedge funds and other 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.