IO Biotech (NASDAQ:IOBT) Price Target Lowered to $4.00 at Morgan Stanley

Key Points

• Morgan Stanley has reduced its price target for IO Biotech from $6.00 to $4.00, indicating a potential upside of 280.95% from the company's current stock price.
• Various analysts have given mixed ratings on IO Biotech, with HC Wainwright maintaining a "buy" rating, while Wall Street Zen has downgraded it to "sell."
• The stock is currently trading at $1.05, with a one-year high of $2.48 and a market cap of approximately $119.24 million.

IO Biotech (NASDAQ:IOBT - Get Free Report) had its target price lowered by investment analysts at Morgan Stanley from $6.00 to $4.00 in a research note issued to investors on Tuesday,Benzinga reports. The firm presently has an "overweight" rating on the stock. Morgan Stanley's price target would indicate a potential upside of 280.95% from the company's current price.

Several other equities research analysts have also commented on IOBT. HC Wainwright restated a "buy" rating on shares of IO Biotech in a research note on Wednesday, May 14th. Wall Street Zen upgraded IO Biotech to a "sell" rating in a research report on Saturday, June 14th.

IO Biotech Price Performance

IO Biotech stock opened at $1.05 on Tuesday. IO Biotech has a 1-year low of $0.66 and a 1-year high of $2.48. The company has a market cap of $119.24 million, a PE ratio of -0.70 and a beta of 0.44. The stock's 50 day moving average price is $1.66 and its 200 day moving average price is $1.22.

Institutional Investors Weigh In On IO Biotech

A number of institutional investors have recently added to or reduced their stakes in the stock. Jane Street Group LLC acquired a new stake in IO Biotech during the first quarter valued at approximately $26,000. XTX Topco Ltd boosted its holdings in IO Biotech by 80.0% during the first quarter. XTX Topco Ltd now owns 50,486 shares of the company's stock valued at $55,000 after purchasing an additional 22,446 shares in the last quarter. Citadel Advisors LLC acquired a new stake in IO Biotech during the fourth quarter valued at approximately $249,000. Dauntless Investment Group LLC acquired a new stake in IO Biotech during the fourth quarter valued at approximately $688,000. Finally, Renaissance Technologies LLC boosted its holdings in IO Biotech by 22.5% during the fourth quarter. Renaissance Technologies LLC now owns 118,800 shares of the company's stock valued at $109,000 after purchasing an additional 21,800 shares in the last quarter. 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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.