IO Biotech (NASDAQ:IOBT) Releases Quarterly Earnings Results, Misses Estimates By $0.05 EPS

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) announced its earnings results on Thursday. The company reported ($0.40) EPS for the quarter, missing the consensus estimate of ($0.35) by ($0.05), Zacks reports.

IO Biotech Stock Down 2.3%

IOBT stock traded down $0.03 during trading on Thursday, reaching $1.28. 2,845,338 shares of the company's stock were exchanged, compared to its average volume of 918,602. IO Biotech has a 1-year low of $0.66 and a 1-year high of $2.48. The company's fifty day moving average price is $1.65 and its 200-day moving average price is $1.22. The firm has a market cap of $84.33 million, a PE ratio of -0.86 and a beta of 0.44.

Institutional Trading of IO Biotech

A hedge fund recently bought a new stake in IO Biotech stock. Jane Street Group LLC acquired a new stake in IO Biotech, Inc. (NASDAQ:IOBT - Free Report) in the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor acquired 23,717 shares of the company's stock, valued at approximately $26,000. Institutional investors and hedge funds own 54.76% of the company's stock.

Wall Street Analysts Forecast Growth

IOBT has been the subject of a number of research analyst reports. Wall Street Zen upgraded IO Biotech to a "sell" rating in a report on Saturday, June 14th. Morgan Stanley lowered their price target on IO Biotech from $6.00 to $4.00 and set an "overweight" rating for the company in a report on Tuesday. Finally, HC Wainwright reiterated a "buy" rating on shares of IO Biotech in a report on Wednesday, May 14th.

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.

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