IO Biotech (NASDAQ:IOBT) Announces Earnings Results

IO Biotech (NASDAQ:IOBT) posted its earnings results on Tuesday. The company reported ($0.31) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.35) by $0.04, Yahoo Finance reports.

IO Biotech Stock Down 4.6 %

IOBT traded down $0.07 during midday trading on Wednesday, reaching $1.46. The company had a trading volume of 178,265 shares, compared to its average volume of 131,257. IO Biotech has a 1 year low of $0.82 and a 1 year high of $2.18. The business has a 50-day moving average of $1.29 and a two-hundred day moving average of $1.47. The company has a market cap of $96.19 million, a P/E ratio of -0.78 and a beta of 0.48.

Wall Street Analysts Forecast Growth

Separately, HC Wainwright restated a “buy” rating and issued a $12.00 price target on shares of IO Biotech in a research report on Wednesday.

Insider Buying and Selling

In related news, major shareholder Holdings A/S Novo sold 51,522 shares of the stock in a transaction dated Thursday, July 25th. The stock was sold at an average price of $1.33, for a total transaction of $68,524.26. Following the completion of the sale, the insider now owns 4,377,927 shares in the company, valued at $5,822,642.91. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. 2.30% of the stock is currently owned by company insiders.

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.