Mai-Britt Zocca, the Chief Executive Officer of IO Biotech, Inc. (NASDAQ:IOBT), recently purchased 12,500 shares of the company's common stock. The transaction, dated December 23, 2024, was executed at an average price of approximately $0.8096 per share, amounting to a total investment of $10,120. The purchase comes as the stock shows strong momentum, with a 13% gain over the past week. According to InvestingPro, analysts maintain a bullish outlook with price targets ranging from $6 to $12.
Following this acquisition, Zocca directly owns 49,891 shares of IO Biotech. Additionally, she maintains indirect ownership of 26,580 shares through Zocca Consulting ApS, a company she solely owns. Zocca is the CEO and a director at IO Biotech, a pharmaceutical firm headquartered in Copenhagen, Denmark. The company, currently valued at $50.79 million, maintains a strong balance sheet with more cash than debt. Want deeper insights into insider trading patterns and company financials? InvestingPro offers 8 additional key insights about IOBT's financial health.
In other recent news, IO Biotech has secured a loan facility of up to €57.5 million from the European Investment Bank (EIB) to advance its therapeutic cancer vaccines, including IO102-IO103. This funding is expected to extend the company's financial runway into the second quarter of 2026. IO Biotech has also reported promising results from a Phase 2 trial of IO102-IO103, indicating potential in treating patients with metastatic non-small cell lung cancer. Furthermore, the company has revealed encouraging pre-clinical data for its second vaccine candidate, IO112.
IO Biotech has also enacted changes to its corporate governance documents and fiscal calendar. Analyst firms Piper Sandler and Morgan Stanley (NYSE:MS) have maintained an Overweight rating on IO Biotech, while Jefferies and H.C. Wainwright kept their Buy ratings. These ratings were influenced by recent data from the European Society for Medical (TASE:PMCN) Oncology conference and abstract data for IO Biotech's IO102-103. Despite the company's Phase 3 trial not meeting the interim analysis objective response rate, the Independent (LON:IOG) Data Monitoring Committee recommended the continuation of the study. These are recent developments for IO Biotech.
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