IO Biotech (NASDAQ:IOBT) Price Target Increased to $6.00 by Analysts at Morgan Stanley

IO Biotech (NASDAQ:IOBT) had its price target upped by Morgan Stanley from $4.00 to $6.00 in a research note issued to investors on Monday morning, Benzinga reports. Morgan Stanley currently has an overweight rating on the stock.

Several other brokerages have also recently commented on IOBT. Piper Sandler reiterated an overweight rating and set a $10.00 target price on shares of IO Biotech in a research report on Tuesday, September 3rd. HC Wainwright reissued a buy rating and issued a $12.00 target price on shares of IO Biotech in a research note on Tuesday, September 3rd.

IO Biotech Stock Up 2.6 %

IO Biotech stock opened at $1.19 on Monday. The stock has a market cap of $78.40 million, a price-to-earnings ratio of -0.64 and a beta of 0.50. IO Biotech has a 12-month low of $0.73 and a 12-month high of $2.10. The business’s 50-day simple moving average is $1.30 and its 200 day simple moving average is $1.39.

IO Biotech (NASDAQ:IOBT) last issued its earnings results on Tuesday, August 13th. The company reported ($0.31) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.35) by $0.04. As a group, sell-side analysts expect that IO Biotech will post -1.2 EPS for the current year.

Insiders Place Their Bets

In related news, major shareholder Holdings A/S Novo sold 51,522 shares of the company’s stock in a transaction on Thursday, July 25th. The shares were sold at an average price of $1.33, for a total value of $68,524.26. Following the completion of the sale, the insider now owns 4,377,927 shares in the company, valued at approximately $5,822,642.91. The transaction was disclosed in a filing with the SEC, which is available through this link. Company insiders own 2.30% of the company’s stock.

Institutional Investors Weigh In On IO Biotech

Several large investors have recently modified their holdings of IOBT. PFM Health Sciences LP grew its position in shares of IO Biotech by 73.0% in the 4th quarter. PFM Health Sciences LP now owns 2,341,107 shares of the company’s stock valued at $4,401,000 after purchasing an additional 987,654 shares during the period. Renaissance Technologies LLC boosted its holdings in shares of IO Biotech by 8.1% in the second quarter. Renaissance Technologies LLC now owns 180,800 shares of the company’s stock valued at $212,000 after buying an additional 13,600 shares during the period. Finally, XTX Topco Ltd increased its position in shares of IO Biotech by 67.4% during the second quarter. XTX Topco Ltd now owns 26,555 shares of the company’s stock worth $31,000 after acquiring an additional 10,688 shares in the last quarter. 54.76% of the stock is currently owned by institutional investors.

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.