Morgan Stanley Lowers IO Biotech (NASDAQ:IOBT) Price Target to $4.00

IO Biotech (NASDAQ:IOBT) had its price objective reduced by research analysts at Morgan Stanley from $7.00 to $4.00 in a research note issued on Tuesday, Benzinga reports. The firm currently has an “overweight” rating on the stock. Morgan Stanley’s price objective would indicate a potential upside of 314.21% from the company’s previous close.

Separately, HC Wainwright reissued a “buy” rating and set a $12.00 price objective on shares of IO Biotech in a research report on Wednesday, August 14th.

IO Biotech Price Performance

Shares of IO Biotech stock opened at $0.97 on Tuesday. IO Biotech has a 1-year low of $0.82 and a 1-year high of $2.10. The stock has a market cap of $63.62 million, a P/E ratio of -0.52 and a beta of 0.48. The stock’s 50 day simple moving average is $1.36 and its 200-day simple moving average is $1.44.

IO Biotech (NASDAQ:IOBT) last issued its earnings results on Tuesday, August 13th. The company reported ($0.31) EPS for the quarter, topping analysts’ consensus estimates of ($0.35) by $0.04. As a group, research analysts expect that IO Biotech will post -1.21 EPS for the current fiscal year.

Insider Buying and Selling

In related news, major shareholder Holdings A/S Novo sold 51,522 shares of IO Biotech stock in a transaction on Thursday, July 25th. The stock was sold at an average price of $1.33, for a total value of $68,524.26. Following the completion of the transaction, the insider now directly owns 4,377,927 shares in the company, valued at $5,822,642.91. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. 2.30% of the stock is owned by insiders.

Institutional Investors Weigh In On IO Biotech

Hedge funds and other institutional investors have recently made changes to their positions in the business. XTX Topco Ltd increased its position in 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 buying an additional 10,688 shares during the period. Renaissance Technologies LLC boosted its holdings in IO Biotech by 8.1% during the second quarter. Renaissance Technologies LLC now owns 180,800 shares of the company’s stock worth $212,000 after buying an additional 13,600 shares in the last quarter. Finally, PFM Health Sciences LP increased its holdings in IO Biotech by 73.0% in the fourth quarter. PFM Health Sciences LP now owns 2,341,107 shares of the company’s stock valued at $4,401,000 after buying an additional 987,654 shares in the last quarter. Institutional investors and hedge funds 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.