Piper Sandler upgraded shares of IO Biotech (NASDAQ:IOBT - Free Report) to a strong-buy rating in a report published on Wednesday morning,Zacks.com reports.
Separately, HC Wainwright reissued a "buy" rating and issued a $12.00 price objective on shares of IO Biotech in a research note on Wednesday, March 5th.
View Our Latest Analysis on IO Biotech
IO Biotech Trading Down 2.0 %
Shares of NASDAQ:IOBT traded down $0.02 on Wednesday, reaching $0.90. 65,983 shares of the company were exchanged, compared to its average volume of 259,044. IO Biotech has a 1-year low of $0.66 and a 1-year high of $1.85. The firm has a market cap of $59.33 million, a price-to-earnings ratio of -0.66 and a beta of 0.22. The company has a 50-day moving average of $0.92 and a 200-day moving average of $0.97.
Institutional Investors Weigh In On IO Biotech
Several hedge funds have recently modified their holdings of IOBT. Vontobel Holding Ltd. acquired a new stake in shares of IO Biotech during the 4th quarter worth about $30,000. Landscape Capital Management L.L.C. acquired a new stake in shares of IO Biotech during the 4th quarter worth about $407,000. Renaissance Technologies LLC boosted its stake in shares of IO Biotech by 22.5% during the 4th quarter. Renaissance Technologies LLC now owns 118,800 shares of the company's stock worth $109,000 after purchasing an additional 21,800 shares during the last quarter. XTX Topco Ltd acquired a new stake in shares of IO Biotech during the 4th quarter worth about $26,000. Finally, Dauntless Investment Group LLC acquired a new stake in shares of IO Biotech during the 4th quarter worth about $688,000. 54.76% of the stock is owned by institutional investors and hedge funds.
About IO Biotech
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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.
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