IO Biotech, Inc. (NASDAQ:IOBT) Short Interest Down 12.7% in October

IO Biotech, Inc. (NASDAQ:IOBT) was the target of a large decrease in short interest in October. As of October 15th, there was short interest totalling 277,100 shares, a decrease of 12.7% from the September 30th total of 317,500 shares. Based on an average daily volume of 410,000 shares, the days-to-cover ratio is currently 0.7 days. Currently, 0.6% of the company’s stock are sold short.

Wall Street Analysts Forecast Growth

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

Institutional Trading of IO Biotech

An institutional investor recently raised its position in IO Biotech stock. Renaissance Technologies LLC boosted its position in shares of IO Biotech, Inc. (NASDAQ:IOBT) by 8.1% in the 2nd quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 180,800 shares of the company’s stock after purchasing an additional 13,600 shares during the period. Renaissance Technologies LLC owned about 0.27% of IO Biotech worth $212,000 at the end of the most recent quarter. Hedge funds and other institutional investors own 54.76% of the company’s stock.

IO Biotech Price Performance

NASDAQ:IOBT traded down $0.04 during midday trading on Thursday, reaching $1.24. The stock had a trading volume of 98,472 shares, compared to its average volume of 217,307. IO Biotech has a 1-year low of $0.73 and a 1-year high of $2.10. The firm’s fifty day simple moving average is $1.16 and its 200-day simple moving average is $1.28. The stock has a market capitalization of $81.69 million, a P/E ratio of -0.92 and a beta of 0.46.

IO Biotech (NASDAQ:IOBT) last issued its earnings results on Tuesday, August 13th. The company reported ($0.31) earnings per share for the quarter, beating the consensus estimate of ($0.35) by $0.04. On average, equities research analysts anticipate that IO Biotech will post -1.18 earnings per share for the current fiscal 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.