Short Interest in IO Biotech, Inc. (NASDAQ:IOBT) Sees 12.7% Decline

IO Biotech, Inc. (NASDAQ:IOBT - Get Free Report) experienced a significant reduction in short interest during October. As of October 15th, the short interest amounted to 277,100 shares, reflecting a 12.7% decrease from the previous total of 317,500 shares on September 30th. Currently, approximately 0.6% of the company's total shares are sold short. Given an average trading volume of 410,000 shares, the days-to-cover ratio is estimated at 0.7 days.

Institutional Trading of IO Biotech

In a recent development, an institutional investor increased its stake in IO Biotech. Renaissance Technologies LLC raised its holdings by 8.1% during the second quarter, as reported in its latest SEC filing. After acquiring an additional 13,600 shares during this period, the firm now owns a total of 180,800 shares, representing about 0.27% of the company, valued at $212,000 at the end of the reporting period. Overall, institutional investors hold 54.76% of IO Biotech's stock.

Analyst Ratings Changes

Several analysts have shared their insights regarding IO Biotech's stock. HC Wainwright reiterated a "buy" rating and set a price target of $12.00 on September 16th. Similarly, Morgan Stanley raised their target from $4.00 to $6.00, assigning an "overweight" rating on the same day. On September 3rd, Piper Sandler affirmed an "overweight" rating with a target price of $10.00.

View Our Latest Stock Report on IOBT

IO Biotech Price Performance

On Tuesday, the shares of IO Biotech traded down by $0.04, ending the day at $1.30. The trading volume was 62,198 shares, lower than the average of 218,730 shares. The company's 50-day moving average price stands at $1.17 and the 200-day moving average is $1.28. The market capitalization for IO Biotech is $85.32 million, with a price-to-earnings ratio of -0.70 and a beta of 0.46. Over the past year, the stock has reached a low of $0.73 and a high of $2.10.

IO Biotech most recently released its quarterly earnings report on August 13th, where it reported a loss of ($0.31) earnings per share (EPS). This result outperformed analysts' expectations of ($0.35) by $0.04. Analysts project that IO Biotech will report an EPS of -1.18 for the current year.

IO Biotech Company Profile

IO Biotech, Inc. is a clinical-stage biopharmaceutical company that focuses on developing immune-modulating therapeutic cancer vaccines based on its proprietary T-win technology platform. Its lead candidate, IO102-IO103, targets immunosuppressive mechanisms involving Indoleamine 2,3-dehydrogenase (IDO) and programmed death-ligand (PD-L1). This candidate is currently in a phase 3 clinical trial for melanoma and phase 2 trials for lung, head and neck, bladder, and melanoma cancers.

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