iTeos Therapeutics (NASDAQ:ITOS) Given New $11.00 Price Target at Wells Fargo & Company

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 target price cut by research analysts at Wells Fargo & Company from $12.00 to $11.00 in a research note issued on Thursday,Benzinga reports. The firm presently has an "equal weight" rating on the stock. Wells Fargo & Company's price target would indicate a potential upside of 8.64% from the company's previous close.

A number of other research analysts have also recently commented on ITOS. Leerink Partners reiterated a "market perform" rating and issued a $9.00 price target (down from $47.00) on shares of iTeos Therapeutics in a research note on Wednesday, May 14th. Raymond James Financial set a $12.00 price target on shares of iTeos Therapeutics in a research report on Wednesday, May 14th. Piper Sandler cut shares of iTeos Therapeutics from a "strong-buy" rating to a "hold" rating in a research report on Monday, July 21st. JPMorgan Chase & Co. cut shares of iTeos Therapeutics from an "overweight" rating to a "neutral" rating and lowered their target price for the company from $15.00 to $8.00 in a report on Tuesday, May 13th. Finally, HC Wainwright cut iTeos Therapeutics from a "buy" rating to a "neutral" rating in a research note on Wednesday, May 14th. Six research 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, the stock presently has a consensus rating of "Hold" and an average price target of $15.50.

iTeos Therapeutics Stock Up 0.1%

Shares of ITOS traded up $0.02 during mid-day trading on Thursday, hitting $10.13. The stock had a trading volume of 490,815 shares, compared to its average volume of 929,308. The company's fifty day simple moving average is $10.11 and its two-hundred day simple moving average is $8.13. The company has a market cap of $387.52 million, a PE ratio of -3.33 and a beta of 1.49. iTeos Therapeutics has a fifty-two week low of $4.80 and a fifty-two week high of $18.13.

iTeos Therapeutics (NASDAQ:ITOS - Get Free Report) last announced 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). Equities analysts expect that iTeos Therapeutics will post -3.49 earnings per share for the current year.

Insider Activity

In other news, major shareholder Ansbert Gadicke sold 1,031,931 shares of the company's stock in a transaction that occurred on Tuesday, May 13th. The stock was sold at an average price of $8.06, for a total transaction of $8,317,363.86. Following the completion of the transaction, the insider directly owned 3,452,797 shares in the company, 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 filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director David Hallal sold 38,228 shares of the stock in a transaction on Friday, June 6th. The stock was sold at an average price of $10.24, for a total value of $391,454.72. The disclosure for this sale can be found here. In the last three months, insiders sold 1,939,307 shares of company stock worth $16,202,116. 12.50% of the stock is owned by insiders.

Hedge Funds Weigh In On iTeos Therapeutics

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Strs Ohio purchased a new position in shares of iTeos Therapeutics in the first quarter worth about $31,000. Point72 Asia Singapore Pte. Ltd. purchased a new position in iTeos Therapeutics during the 4th quarter valued at about $42,000. CWM LLC boosted its position in iTeos Therapeutics by 428.7% during the 1st quarter. CWM LLC now owns 8,554 shares of the company's stock valued at $51,000 after acquiring an additional 6,936 shares in the last quarter. Paloma Partners Management Co bought a new stake in iTeos Therapeutics during the 1st quarter valued at approximately $65,000. Finally, Dynamic Technology Lab Private Ltd bought a new stake in shares of iTeos Therapeutics in the 1st quarter worth approximately $67,000. 97.16% of the stock is owned by institutional investors and hedge funds.

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.

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