COPENHAGEN—In a recent transaction, Amy Sullivan, the Chief Financial Officer of IO Biotech, Inc. (NASDAQ:IOBT), purchased 10,250 shares of the company's common stock. The shares were acquired on December 23, 2024, at a weighted average price of $0.8276 per share, amounting to a total transaction value of $8,482. The purchase comes as the stock, currently trading at $0.89, has shown strong momentum with a 13% gain over the past week. According to InvestingPro analysis, the company appears fairly valued at current levels.
The purchase was executed in multiple trades with prices ranging from $0.7861 to $0.90 per share. Following this acquisition, Sullivan's direct ownership in IO Biotech increased to 84,632 shares.
This transaction was disclosed in a filing with the U.S. Securities and Exchange Commission.
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, which is expected to reach a Biologics License Application submission in 2025. The company anticipates the funding to extend its financial runway into the second quarter of 2026. In other developments, IO Biotech has reported promising results from a Phase 2 trial of its lead investigational candidate, IO102-IO103, in treating patients with metastatic non-small cell lung cancer. Moreover, the company has enacted changes to its corporate governance documents and fiscal calendar, according to a recent SEC filing. 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. Kathleen Sereda Glaub, Peter Hirth, and Mai-Britt Zocca were elected as class III directors, serving until the 2027 Annual Meeting of Stockholders. These are the recent developments for IO Biotech.
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