IO Biotech (NASDAQ:IOBT) Releases Earnings Results

IO Biotech (NASDAQ:IOBT) posted its earnings results 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 Price Performance

Shares of NASDAQ:IOBT traded up $0.04 during mid-day trading on Wednesday, reaching $0.97. 294,025 shares of the company’s stock were exchanged, compared to its average volume of 228,306. The business’s fifty day moving average price is $1.09 and its 200-day moving average price is $1.26. IO Biotech has a twelve month low of $0.73 and a twelve month high of $2.10.

Analyst Upgrades and Downgrades

A number of analysts have weighed in on the stock. Morgan Stanley boosted their target price on shares of IO Biotech from $4.00 to $6.00 and gave the stock an “overweight” rating in a research note on Monday, September 16th. Piper Sandler reiterated an “overweight” rating and set a $10.00 price target on shares of IO Biotech in a report on Tuesday, September 3rd. Finally, HC Wainwright reiterated a “buy” rating and set a $12.00 price target on shares of IO Biotech in a report on Tuesday.

IO Biotech Company Profile

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.