IO Biotech, Inc. (NASDAQ:IOBT) Sees Large Growth in Short Interest

IO Biotech, Inc. (NASDAQ:IOBT) was the recipient of a significant growth in short interest during 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. Approximately 0.3% of the shares of the company are short sold. Based on an average daily trading volume, of 437,700 shares, the days-to-cover ratio is presently 0.3 days.

IO Biotech Trading Down 0.9 %

Shares of IOBT opened at $1.06 on Friday. The firm has a market cap of $69.83 million, a P/E ratio of -0.57 and a beta of 0.50. The company’s 50-day moving average price is $1.26 and its 200 day moving average price is $1.36. IO Biotech has a 12-month low of $0.73 and a 12-month high of $2.10.

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

Analysts Set New Price Targets

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

Insider Activity at IO Biotech

In other news, major shareholder Holdings A/S Novo sold 51,522 shares of the stock in a transaction dated Thursday, July 25th. The stock was sold at an average price of $1.33, for a total value of $68,524.26. Following the transaction, the insider now directly owns 4,377,927 shares of the company’s stock, valued at $5,822,642.91. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 2.30% of the stock is owned by insiders.

Hedge Funds Weigh In On IO Biotech

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

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.