IO Biotech, Inc. (NASDAQ:IOBT) Short Interest Up 136.2% in September

IO Biotech, Inc. (NASDAQ:IOBT) saw a large growth in short interest in the month of September. As of September 15th, there was short interest totalling 122,100 shares, a growth of 136.2% from the August 31st total of 51,700 shares. Based on an average trading volume of 437,700 shares, the days-to-cover ratio is presently 0.3 days. Currently, 0.3% of the company’s shares are short sold.

Analyst Upgrades and Downgrades

IOBT has been the subject of a number of analyst reports. Morgan Stanley raised their price objective on IO Biotech from $4.00 to $6.00 and gave the company an “overweight” rating in a research report on Monday, September 16th. Piper Sandler reissued an “overweight” rating and set a $10.00 price objective on shares of IO Biotech in a research report on Tuesday, September 3rd. Finally, HC Wainwright reaffirmed a “buy” rating and issued a $12.00 price objective on shares of IO Biotech in a research report on Monday, September 16th.

IO Biotech Stock Performance

Shares of IO Biotech stock opened at $1.06 on Friday. The stock’s fifty day moving average is $1.26 and its 200 day moving average is $1.36. IO Biotech has a one year low of $0.73 and a one year high of $2.10. The stock has a market cap of $69.83 million, a P/E ratio of -0.57 and a beta of 0.50.

IO Biotech (NASDAQ:IOBT) last announced its quarterly earnings data on Tuesday, August 13th. The company reported ($0.31) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.35) by $0.04. Analysts predict that IO Biotech will post -1.18 EPS for the current year.

Insider Buying and Selling

In other news, major shareholder Holdings A/S Novo sold 51,522 shares of the stock in a transaction that occurred on Thursday, July 25th. The stock was sold at an average price of $1.33, for a total transaction of $68,524.26. Following the completion of the sale, the insider now owns 4,377,927 shares of the company’s stock, valued at $5,822,642.91. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. 2.30% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On IO Biotech

Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. XTX Topco Ltd increased its position in IO Biotech by 67.4% during the second quarter. XTX Topco Ltd now owns 26,555 shares of the company’s stock valued at $31,000 after acquiring an additional 10,688 shares during the last quarter. Renaissance Technologies LLC grew its position in shares of IO Biotech by 8.1% during the 2nd quarter. Renaissance Technologies LLC now owns 180,800 shares of the company’s stock worth $212,000 after buying an additional 13,600 shares in the last quarter. Finally, PFM Health Sciences LP raised its holdings in shares of 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 acquiring an additional 987,654 shares in the last quarter. 54.76% of the stock is owned by institutional investors.

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.