IO Biotech (NASDAQ:IOBT) Announces Quarterly Earnings Results, Misses Estimates By $0.07 EPS

IO Biotech (NASDAQ:IOBT) released its earnings results on Tuesday. The company reported ($0.36) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.29) by ($0.07), Zacks reports.

IO Biotech Stock Up 4.6 %

Shares of IO Biotech stock traded up $0.04 on Wednesday, reaching $0.97. 294,025 shares of the company traded hands, compared to its average volume of 228,306. The company has a 50 day moving average of $1.09 and a 200 day moving average of $1.26. IO Biotech has a 52 week low of $0.73 and a 52 week high of $2.10.

Wall Street Analyst Weigh In

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

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.