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

IO Biotech, Inc. (NASDAQ:IOBT) was the target of a large increase in short interest in September. As of September 30th, there was short interest totalling 317,500 shares, an increase of 160.0% from the September 15th total of 122,100 shares. Approximately 0.7% of the company’s stock are sold short. Based on an average daily volume of 437,900 shares, the short-interest ratio is presently 0.7 days.

Insiders Place Their Bets

In related news, major shareholder Holdings A/S Novo sold 51,522 shares of IO Biotech 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 sale, the insider now owns 4,377,927 shares of the company’s stock, valued at approximately $5,822,642.91. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Corporate insiders own 2.30% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently bought and sold shares of IOBT. XTX Topco Ltd raised its position in IO Biotech by 67.4% in the second quarter. XTX Topco Ltd now owns 26,555 shares of the company’s stock worth $31,000 after acquiring an additional 10,688 shares in the last quarter. Renaissance Technologies LLC lifted its position in shares of IO Biotech by 8.1% in the second quarter. Renaissance Technologies LLC now owns 180,800 shares of the company’s stock worth $212,000 after buying an additional 13,600 shares during the last quarter. Finally, PFM Health Sciences LP grew its holdings in IO Biotech by 73.0% during 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 during the last quarter. Institutional investors own 54.76% of the company’s stock.

Wall Street Analyst Weigh In

Several research firms have commented on IOBT. HC Wainwright reaffirmed a “buy” rating and set a $12.00 target price on shares of IO Biotech in a report on Monday, September 16th. Piper Sandler reiterated an “overweight” rating and set a $10.00 price target on shares of IO Biotech in a research note on Tuesday, September 3rd. Finally, Morgan Stanley raised their target price 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.

IO Biotech Stock Performance

Shares of NASDAQ:IOBT opened at $1.08 on Friday. IO Biotech has a 1 year low of $0.73 and a 1 year high of $2.10. The stock has a 50-day simple moving average of $1.21 and a 200-day simple moving average of $1.32. The stock 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 announced its quarterly earnings results on Tuesday, August 13th. The company reported ($0.31) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.35) by $0.04. Analysts predict that IO Biotech will post -1.18 earnings per share for the current year.

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.