IO Biotech (NASDAQ:IOBT) Issues Quarterly Earnings Results

Key Points

• IO Biotech reported a quarterly earnings per share (EPS) of ($0.40), missing the consensus estimate of ($0.35) by $0.05.
• The stock price of IO Biotech decreased by 2.3%, closing at $1.28 with a significant trading volume of 2,845,338 shares.
• Recent analyst reports included a downgrade from Morgan Stanley, lowering the price target from $6.00 to $4.00, while HC Wainwright maintained a "buy" rating for the stock.

IO Biotech (NASDAQ:IOBT - Get Free Report) issued its quarterly earnings data on Thursday. The company reported ($0.40) earnings per share for the quarter, missing analysts' consensus estimates of ($0.35) by ($0.05), Zacks reports.

IO Biotech Stock Up 2.4%

IOBT traded up $0.05 during trading on Tuesday, hitting $2.14. The company's stock had a trading volume of 683,304 shares, compared to its average volume of 1,236,665. The business's 50 day simple moving average is $1.67 and its 200-day simple moving average is $1.25. The firm has a market cap of $142.30 million, a PE ratio of -1.41 and a beta of 0.44. IO Biotech has a one year low of $0.66 and a one year high of $2.79.

Hedge Funds Weigh In On IO Biotech

A hedge fund recently bought a new stake in IO Biotech stock. Jane Street Group LLC acquired a new position in IO Biotech, Inc. (NASDAQ:IOBT - Free Report) during the 1st quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm acquired 23,717 shares of the company's stock, valued at approximately $26,000. 54.76% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

A number of brokerages recently weighed in on IOBT. Wall Street Zen upgraded shares of IO Biotech to a "sell" rating in a research report on Saturday, June 14th. Morgan Stanley lowered their price objective on shares of IO Biotech from $6.00 to $4.00 and set an "overweight" rating on the stock in a research report on Tuesday, August 12th. Finally, HC Wainwright restated a "buy" rating on shares of IO Biotech in a research report on Wednesday, May 14th.

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.