IO Biotech (NASDAQ:IOBT) Announces Quarterly Earnings Results

IO Biotech (NASDAQ:IOBT) posted its quarterly earnings data on Tuesday. The company reported ($0.36) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.29) by ($0.07), Zacks reports.

IO Biotech Stock Up 6.8 %

IO Biotech stock traded up $0.06 during midday trading on Wednesday, reaching $0.99. The stock had a trading volume of 290,370 shares, compared to its average volume of 228,282. The firm’s fifty day simple moving average is $1.09 and its 200-day simple moving average is $1.26. IO Biotech has a 1-year low of $0.73 and a 1-year high of $2.10.

Analyst Upgrades and Downgrades

IOBT has been the subject of several research reports. Morgan Stanley raised their target price on IO Biotech from $4.00 to $6.00 and gave the stock an “overweight” rating in a research report on Monday, September 16th. Piper Sandler restated an “overweight” rating and set a $10.00 target price on shares of IO Biotech in a report on Tuesday, September 3rd. Finally, HC Wainwright reiterated a “buy” rating and set a $12.00 price objective on shares of IO Biotech in a report on Tuesday.

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.