IO Biotech CEO Makes Stock Purchase Worth Over $10,000

Mai-Britt Zocca, the CEO of IO Biotech, Inc. (NASDAQ:IOBT), recently acquired 12,500 shares of the company's stock in a transaction dated December 23rd. The shares were purchased at an average price of $0.81 each, bringing the total investment to $10,125. Following this acquisition, Zocca now holds a total of 49,891 shares of IO Biotech, which are currently valued at approximately $40,411.71. This purchase represents a notable 33.43% increase in the CEO's ownership stake in the company. The details of this transaction have been disclosed in a filing with the Securities and Exchange Commission (SEC), and the filing can be accessed on their official website.

IO Biotech Stock Performance

As of Tuesday, IO Biotech shares opened at $0.89. The company has a market capitalization of $58.63 million, a price-to-earnings ratio of -0.65, and a beta of 0.27. In the last fifty days, the stock has averaged $0.98, while the 200-day moving average stands at $1.15. Throughout the past year, IO Biotech stock has seen a low of $0.66 and a high of $2.10.

On November 12th, the company announced its quarterly earnings, reporting a loss of ($0.36) earnings per share (EPS). This figure fell short of analysts' expectations, which were set at a loss of ($0.29) EPS. For the current fiscal year, analysts predict that IO Biotech will report an average EPS of -1.35.

Institutional Investment in IO Biotech

Recently, there has been an increase in institutional investment in IO Biotech. XTX Topco Ltd has raised its stake in the company by 67.4% during the second quarter. Following this adjustment, the fund owned 26,555 shares after acquiring an additional 10,688 shares during this period. The value of XTX Topco's investment in IO Biotech is approximately $31,000 according to its latest SEC filing. Overall, institutional and hedge funds hold 54.76% of IO Biotech’s stock.

Analyst Opinions on IO Biotech Stock

Several Wall Street analysts have recently issued evaluations for IO Biotech shares. Piper Sandler has maintained an "overweight" rating with a price target of $10.00. Meanwhile, HC Wainwright also reaffirmed a "buy" rating while setting a price target of $12.00. Furthermore, Morgan Stanley updated their price target from $4.00 to $6.00 and continues to rate IO Biotech as "overweight" in their recent analyses.

About IO Biotech

IO Biotech, Inc. is a clinical-stage biopharmaceutical company focused on developing immune-modulating therapeutic cancer vaccines utilizing the T-win technology platform. Their flagship candidate, IO102-IO103, targets immune suppression through mechanisms mediated by Indoleamine 2,3-dehydrogenase (IDO) and programmed death-ligand (PD-L1). This candidate is currently undergoing phase 3 clinical trials for melanoma and is also in phase 2 trials for lung, head and neck, bladder, and melanoma cancers.

Stock, Purchase, CEO