IO Biotech (NASDAQ:IOBT) Announces Quarterly Earnings Results

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

IO Biotech Stock Performance

NASDAQ:IOBT opened at $0.89 on Friday. The firm has a market cap of $58.63 million, a P/E ratio of -0.65 and a beta of 0.42. IO Biotech has a fifty-two week low of $0.73 and a fifty-two week high of $2.10. The firm has a 50-day simple moving average of $1.09 and a two-hundred day simple moving average of $1.26.

Analyst Upgrades and Downgrades

Several analysts recently weighed in on IOBT shares. HC Wainwright reiterated a “buy” rating and issued a $12.00 price target on shares of IO Biotech in a report on Tuesday. Morgan Stanley boosted their price target on shares of IO Biotech from $4.00 to $6.00 and gave the company an “overweight” rating in a research report on Monday, September 16th. Finally, Piper Sandler restated an “overweight” rating and issued a $10.00 price objective on shares of IO Biotech in a report on Tuesday, September 3rd.

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.