Zacks Investment Research Upgrades iTeos Therapeutics (NASDAQ:ITOS) to Buy

iTeos Therapeutics (NASDAQ:ITOS) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a research report issued on Thursday, Zacks.com reports. The firm currently has a $41.00 price target on the stock. Zacks Investment Research‘s target price would indicate a potential upside of 10.87% from the stock’s current price.

According to Zacks, “iTeos Therapeutics Inc. is a clinical-stage biopharmaceutical company. It engages in the discovery and development of immuno-oncology therapeutics. iTeos Therapeutics Inc. is based in Cambridge, United States. “

Other equities analysts have also issued research reports about the stock. SVB Leerink cut their price objective on shares of iTeos Therapeutics from $55.00 to $54.00 and set an “outperform” rating for the company in a research report on Friday, November 12th. Piper Sandler cut their price objective on shares of iTeos Therapeutics from $50.00 to $42.00 and set an “overweight” rating for the company in a research report on Thursday, November 11th. Five analysts have rated the stock with a buy rating, According to MarketBeat, the company currently has a consensus rating of “Buy” and an average price target of $45.20.

Shares of NASDAQ ITOS traded up $0.56 on Thursday, hitting $36.98. The company’s stock had a trading volume of 276,981 shares, compared to its average volume of 301,232. iTeos Therapeutics has a 12-month low of $17.43 and a 12-month high of $47.61. The company has a market capitalization of $1.30 billion, a price-to-earnings ratio of 127.52 and a beta of 1.94. The stock has a 50 day moving average of $29.18 and a 200-day moving average of $25.99.

iTeos Therapeutics (NASDAQ:ITOS) last announced its quarterly earnings results on Wednesday, November 10th. The company reported $1.86 earnings per share (EPS) for the quarter, missing the consensus estimate of $4.95 by ($3.09). During the same quarter in the prior year, the firm earned ($0.48) EPS. On average, sell-side analysts forecast that iTeos Therapeutics will post 4.64 earnings per share for the current fiscal year.

In other iTeos Therapeutics news, CEO Michel Detheux sold 8,248 shares of the business’s stock in a transaction that occurred on Friday, August 27th. The shares were sold at an average price of $28.17, for a total transaction of $232,346.16. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, major shareholder Bioventures 2018 L.P. Mpm sold 2,292 shares of the company’s stock in a transaction on Thursday, September 30th. The shares were sold at an average price of $27.00, for a total transaction of $61,884.00. The disclosure for this sale can be found here. Insiders have sold 532,153 shares of company stock valued at $16,048,904 in the last ninety days. 3.95% of the stock is currently owned by company insiders.

A number of hedge funds and other institutional investors have recently bought and sold shares of the business. Royal Bank of Canada boosted its stake in iTeos Therapeutics by 42.8% during the 2nd quarter. Royal Bank of Canada now owns 2,474 shares of the company’s stock valued at $63,000 after acquiring an additional 742 shares during the last quarter. The Manufacturers Life Insurance Company raised its holdings in shares of iTeos Therapeutics by 7.8% during the second quarter. The Manufacturers Life Insurance Company now owns 11,761 shares of the company’s stock worth $302,000 after purchasing an additional 851 shares during the period. Lindbrook Capital LLC acquired a new stake in shares of iTeos Therapeutics during the second quarter worth $26,000. CNA Financial Corp raised its holdings in shares of iTeos Therapeutics by 8.1% during the second quarter. CNA Financial Corp now owns 14,025 shares of the company’s stock worth $360,000 after purchasing an additional 1,050 shares during the period. Finally, ProShare Advisors LLC raised its holdings in shares of iTeos Therapeutics by 14.1% during the second quarter. ProShare Advisors LLC now owns 11,547 shares of the company’s stock worth $296,000 after purchasing an additional 1,424 shares during the period. Hedge funds and other institutional investors own 98.31% of the company’s stock.

About iTeos Therapeutics

Iteos Therapeutics, Inc, a clinical-stage biopharmaceutical company, engages in the discovery and development of immuno-oncology therapeutics for patients. The company's product pipeline includes inupadenant, a small molecule antagonist of the adenosine A2a receptor that is an open-label Phase 1/2a clinical trial in adult patients; and EOS-448, an antagonist of TIGIT or T-cell immunoreceptor with Ig and ITIM domains, which is in Phase 1/2a clinical trial, as well as used to engage the Fc gamma receptor, or Fc?R to activate dendritic cells and macrophages and to promote antibody-dependent cellular cytotoxicity, or ADCC activity.

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