IO Biotech, Inc. (NASDAQ:IOBT) Short Interest Up 160.0% in September

IO Biotech, Inc. (NASDAQ:IOBT) was the recipient of a large growth in short interest in September. As of September 30th, there was short interest totalling 317,500 shares, a growth of 160.0% from the September 15th total of 122,100 shares. Based on an average trading volume of 437,900 shares, the days-to-cover ratio is presently 0.7 days. Currently, 0.7% of the shares of the stock are short sold.

IO Biotech Trading Up 4.9 %

Shares of IOBT stock traded up $0.05 on Friday, hitting $1.08. 63,640 shares of the stock were exchanged, compared to its average volume of 225,824. The business has a 50-day moving average of $1.21 and a 200 day moving average of $1.32. IO Biotech has a fifty-two week low of $0.73 and a fifty-two week high of $2.10. The firm has a market capitalization of $71.15 million, a P/E ratio of -0.58 and a beta of 0.46.

IO Biotech (NASDAQ:IOBT) last issued its quarterly earnings results on Tuesday, August 13th. The company reported ($0.31) earnings per share for the quarter, topping the consensus estimate of ($0.35) by $0.04. As a group, research analysts forecast that IO Biotech will post -1.18 EPS for the current fiscal year.

Insider Buying and Selling at IO Biotech

In related news, major shareholder Holdings A/S Novo sold 51,522 shares of the business’s stock in a transaction that occurred on Thursday, July 25th. The shares were sold at an average price of $1.33, for a total value of $68,524.26. Following the completion of the transaction, the insider now owns 4,377,927 shares in the company, valued at $5,822,642.91. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Corporate insiders own 2.30% of the company’s stock.

Institutional Inflows and Outflows

Hedge funds have recently added to or reduced their stakes in the business. XTX Topco Ltd boosted its stake in shares of IO Biotech by 67.4% during the 2nd quarter. XTX Topco Ltd now owns 26,555 shares of the company’s stock worth $31,000 after buying an additional 10,688 shares during the last quarter. Renaissance Technologies LLC grew its stake in IO Biotech by 8.1% in the second quarter. Renaissance Technologies LLC now owns 180,800 shares of the company’s stock valued at $212,000 after purchasing an additional 13,600 shares in the last quarter. Finally, PFM Health Sciences LP grew its stake in IO Biotech by 73.0% in the fourth quarter. PFM Health Sciences LP now owns 2,341,107 shares of the company’s stock valued at $4,401,000 after purchasing an additional 987,654 shares in the last quarter. Institutional investors own 54.76% of the company’s stock.

Analyst Upgrades and Downgrades

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

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.