IO Biotech (NASDAQ:IOBT) Price Target Cut to $4.00 by Analysts at Morgan Stanley

IO Biotech (NASDAQ:IOBT) had its price target trimmed by Morgan Stanley from $6.00 to $4.00 in a research note issued to investors on Tuesday,Benzinga reports. The firm currently has an overweight rating on the stock.

Other analysts have also recently issued reports about the company. HC Wainwright restated a “buy” rating on shares of IO Biotech in a report on Wednesday, May 14th. Wall Street Zen raised IO Biotech to a “sell” rating in a research note on Saturday, June 14th.

IO Biotech Stock Up 24.8%

Shares of NASDAQ:IOBT opened at $1.31 on Tuesday. The business has a fifty day moving average of $1.66 and a two-hundred day moving average of $1.22. The stock has a market cap of $69.18 million, a P/E ratio of -0.88 and a beta of 0.44. IO Biotech has a 52-week low of $0.66 and a 52-week high of $2.48.

Hedge Funds Weigh In On IO Biotech

Large investors have recently modified their holdings of the business. Jane Street Group LLC acquired a new position in shares of IO Biotech in the 1st quarter valued at $26,000. XTX Topco Ltd acquired a new position in IO Biotech during the 4th quarter worth about $26,000. Renaissance Technologies LLC lifted its stake in 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 acquiring an additional 21,800 shares in the last quarter. Citadel Advisors LLC acquired a new position in IO Biotech during the 4th quarter worth about $249,000. Finally, Dauntless Investment Group LLC acquired a new position in IO Biotech during the 4th quarter worth about $688,000. 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.