IO Biotech, Inc. (NASDAQ:IOBT) Short Interest Update

IO Biotech, Inc. (NASDAQ:IOBT) was the recipient of a significant decline in short interest during the month of March. As of March 31st, there was short interest totalling 68,200 shares, a decline of 16.4% from the March 15th total of 81,600 shares. Based on an average trading volume of 138,300 shares, the days-to-cover ratio is currently 0.5 days. Currently, 0.2% of the shares of the company are short sold.

Analysts Set New Price Targets

Separately, HC Wainwright reissued a “buy” rating and issued a $8.00 price objective on shares of IO Biotech in a report on Wednesday, March 6th.

IO Biotech Trading Down 1.9 %

Shares of IOBT stock opened at $1.52 on Tuesday. The firm’s 50 day moving average is $1.65 and its 200 day moving average is $1.48. The stock has a market capitalization of $100.14 million, a P/E ratio of -0.70 and a beta of 0.49. IO Biotech has a 12 month low of $0.82 and a 12 month high of $2.64.

IO Biotech (NASDAQ:IOBT) last issued its earnings results on Tuesday, March 5th. The company reported ($0.40) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.36) by ($0.04). On average, equities analysts predict that IO Biotech will post -1.41 EPS for the current year.

Insider Buying and Selling at IO Biotech

In other news, major shareholder Holdings A/S Novo sold 658,809 shares of the firm’s stock in a transaction that occurred on Friday, February 9th. The shares were sold at an average price of $1.50, for a total transaction of $988,213.50. Following the completion of the sale, the insider now owns 5,088,258 shares in the company, valued at approximately $7,632,387. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Corporate insiders own 3.50% of the company’s stock.

Institutional Trading of IO Biotech

A number of institutional investors have recently added to or reduced their stakes in the stock. Ergoteles LLC purchased a new position in IO Biotech during the 1st quarter valued at about $59,000. Two Sigma Securities LLC bought a new position in shares of IO Biotech in the second quarter valued at approximately $25,000. Jane Street Group LLC purchased a new position in IO Biotech during the first quarter valued at approximately $76,000. Renaissance Technologies LLC bought a new stake in IO Biotech during the 3rd quarter worth approximately $50,000. Finally, Morgan Stanley lifted its stake in IO Biotech by 31.7% in the 4th quarter. Morgan Stanley now owns 29,060 shares of the company’s stock worth $67,000 after purchasing an additional 7,000 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 cancer therapies based on the T-win technology platform. The company's lead product candidate, IO102-IO103, which is designed to target immunosuppressive proteins, such as 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 1 clinical trial to treat lung, head and neck, bladder, and melanoma cancer.