Wells Fargo & Company Issues Pessimistic Forecast for iTeos Therapeutics (NASDAQ:ITOS) Stock Price

Key Points

• Wells Fargo & Company has reduced its price target for iTeos Therapeutics from $12.00 to $11.00, now rating the stock as "equal weight." This indicates a potential upside of 8.64% from the previous close.
• In recent research, several analysts have downgraded the stock, with Leerink Partners cutting its price target to $9.00 from $47.00, highlighting a significant shift in market sentiment.
• Despite recent challenges, iTeos Therapeutics shares saw a slight increase of 0.1%, trading at $10.13, while insiders have sold considerable amounts of shares recently, indicating potential concerns about the company's outlook.

iTeos Therapeutics (NASDAQ:ITOS - Get Free Report) had its price objective lowered by stock analysts at Wells Fargo & Company from $12.00 to $11.00 in a note issued to investors on Thursday,Benzinga reports. The firm presently has an "equal weight" rating on the stock. Wells Fargo & Company's target price points to a potential upside of 8.80% from the stock's current price.

Several other equities research analysts have also recently weighed in on the stock. Wedbush restated an "outperform" rating and issued a $10.50 price objective (down from $12.00) on shares of iTeos Therapeutics in a report on Monday, July 21st. HC Wainwright lowered shares of iTeos Therapeutics from a "buy" rating to a "neutral" rating in a research note on Wednesday, May 14th. JPMorgan Chase & Co. downgraded shares of iTeos Therapeutics from an "overweight" rating to a "neutral" rating and dropped their price target for the company from $15.00 to $8.00 in a report on Tuesday, May 13th. Leerink Partners reaffirmed a "market perform" rating and set a $9.00 price target (down previously from $47.00) on shares of iTeos Therapeutics in a report on Wednesday, May 14th. Finally, Piper Sandler downgraded shares of iTeos Therapeutics from a "strong-buy" rating to a "hold" rating in a report on Monday, July 21st. Six investment analysts have rated the stock with a hold rating and one has given a buy rating to the stock. According to data from MarketBeat.com, iTeos Therapeutics currently has an average rating of "Hold" and a consensus target price of $15.50.

iTeos Therapeutics Price Performance

ITOS stock remained flat at $10.11 during midday trading on Thursday. 735,740 shares of the company's stock were exchanged, compared to its average volume of 934,930. iTeos Therapeutics has a fifty-two week low of $4.80 and a fifty-two week high of $18.13. The company has a market cap of $446.96 million, a P/E ratio of -2.16 and a beta of 1.49. The company's 50-day moving average is $10.12 and its 200-day moving average is $8.16.

iTeos Therapeutics (NASDAQ:ITOS - Get Free Report) last issued its earnings results on Wednesday, August 6th. The company reported ($1.51) earnings per share for the quarter, missing the consensus estimate of ($1.12) by ($0.39). As a group, analysts anticipate that iTeos Therapeutics will post -3.49 EPS for the current fiscal year.

Insider Activity

In other iTeos Therapeutics news, major shareholder Ansbert Gadicke sold 1,031,931 shares of iTeos Therapeutics stock in a transaction that occurred on Tuesday, May 13th. The shares were sold at an average price of $8.06, for a total transaction of $8,317,363.86. Following the transaction, the insider owned 3,452,797 shares of the company's stock, valued at $27,829,543.82. The trade was a 23.01% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, major shareholder Bioventures 2018 L.P. Mpm sold 630,191 shares of iTeos Therapeutics stock in a transaction that occurred on Tuesday, May 13th. The shares were sold at an average price of $8.06, for a total transaction of $5,079,339.46. Following the sale, the insider owned 2,108,594 shares in the company, valued at approximately $16,995,267.64. The trade was a 23.01% decrease in their position. The disclosure for this sale can be found here. Insiders sold 1,939,307 shares of company stock worth $16,202,116 over the last ninety days. Company insiders own 14.20% of the company's stock.

Institutional Investors Weigh In On iTeos Therapeutics

Institutional investors and hedge funds have recently modified their holdings of the stock. Strs Ohio bought a new stake in shares of iTeos Therapeutics during the first quarter valued at approximately $31,000. Point72 Asia Singapore Pte. Ltd. bought a new stake in shares of iTeos Therapeutics during the fourth quarter valued at approximately $42,000. CWM LLC increased its position in iTeos Therapeutics by 428.7% in the first quarter. CWM LLC now owns 8,554 shares of the company's stock worth $51,000 after purchasing an additional 6,936 shares during the last quarter. Paloma Partners Management Co bought a new stake in iTeos Therapeutics in the first quarter worth $65,000. Finally, Dynamic Technology Lab Private Ltd bought a new stake in iTeos Therapeutics in the first quarter worth $67,000. Institutional investors own 97.16% of the company's stock.

iTeos Therapeutics Company Profile

iTeos Therapeutics, Inc is a clinical-stage biopharmaceutical company, which engages in the discovery and development of a new generation of immuno-oncology therapeutics for people living with cancer. Its pipeline includes EOS-448, Inupadenant, and EOS-984. The company was founded by Michel Detheux in April 2012 and is headquartered in Watertown, MA.