IO Biotech (NASDAQ:IOBT) Stock Price Down 4.2%

IO Biotech, Inc. (NASDAQ:IOBT) shares fell 4.2% during mid-day trading on Thursday . The stock traded as low as $1.11 and last traded at $1.13. 10,829 shares traded hands during trading, a decline of 90% from the average session volume of 111,562 shares. The stock had previously closed at $1.18.

Analyst Ratings Changes

Separately, HC Wainwright boosted their target price on IO Biotech from $8.00 to $12.00 and gave the company a “buy” rating in a research note on Wednesday, May 15th.

IO Biotech Price Performance

The stock has a market capitalization of $74.44 million, a PE ratio of -0.60 and a beta of 0.47. The company has a 50 day moving average price of $1.31 and a 200-day moving average price of $1.56.

IO Biotech (NASDAQ:IOBT) last released its quarterly earnings results on Tuesday, May 14th. The company reported ($0.30) earnings per share for the quarter, beating the consensus estimate of ($0.37) by $0.07. As a group, equities analysts anticipate that IO Biotech, Inc. will post -1.27 earnings per share for the current year.

Insider Activity at IO Biotech

In related news, major shareholder Holdings A/S Novo sold 658,809 shares of IO Biotech stock in a transaction that occurred on Friday, May 10th. The stock was sold at an average price of $1.22, for a total transaction of $803,746.98. Following the sale, the insider now directly owns 4,429,449 shares in the company, valued at $5,403,927.78. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. 2.30% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On IO Biotech

A hedge fund recently raised its stake in IO Biotech stock. PFM Health Sciences LP grew its stake in IO Biotech, Inc. (NASDAQ:IOBT) by 73.0% during the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 2,341,107 shares of the company’s stock after acquiring an additional 987,654 shares during the quarter. PFM Health Sciences LP owned 3.55% of IO Biotech worth $4,401,000 at the end of the most recent quarter. Hedge funds and other institutional investors own 54.76% of the company’s stock.

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.