Short Interest in IO Biotech, Inc. (NASDAQ:IOBT) Declines By 12.7%

IO Biotech, Inc. (NASDAQ:IOBT) experienced a notable reduction in short interest during October. As of October 15th, the company reported short interest of 277,100 shares, which reflects a decline of 12.7% from the previous month's total of 317,500 shares as of September 30th. Currently, 0.6% of the company’s shares are sold short. With an average trading volume of 410,000 shares, the days-to-cover ratio stands at 0.7 days.

Institutional Trading of IO Biotech

Recent filings reveal that an institutional investor has increased its stake in IO Biotech. Renaissance Technologies LLC boosted its holdings by 8.1% in the second quarter. Following the acquisition of an additional 13,600 shares, the firm now holds a total of 180,800 shares, equating to 0.27% of the IO Biotech stock, valued at approximately $212,000 as of the latest reporting period. In total, institutional investors control 54.76% of the company's shares.

Analyst Ratings Changes

Several analysts have recently published their ratings for IO Biotech. HC Wainwright reaffirmed a "buy" rating with a price target of $12.00 on September 16th. On the same day, Morgan Stanley raised its target price from $4.00 to $6.00 and assigned an "overweight" rating. Additionally, Piper Sandler also confirmed an "overweight" rating, setting a target price of $10.00 in a report released on September 3rd.

View Our Latest Stock Report on IOBT

IO Biotech Price Performance

On Tuesday, IO Biotech shares fell by $0.04, closing at $1.30. The company experienced a trading volume of 62,198 shares, compared to its average volume of 218,730 shares. The current 50-day moving average price is $1.17, while the 200-day moving average price is $1.28. With a market capitalization of $85.32 million, IO Biotech has 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 last released its quarterly earnings on August 13th, where it reported earnings per share (EPS) of ($0.31), surpassing analysts' expectations of ($0.35) by $0.04. Analysts estimate 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 dedicated to developing immune-modulating therapeutic cancer vaccines utilizing its T-win technology platform. The company's most advanced product candidate, IO102-IO103, targets immunosuppressive mechanisms associated with Indoleamine 2,3-dehydrogenase (IDO) and programmed death-ligand (PD-L1). This candidate is currently in phase 3 clinical trials for melanoma and phase 2 trials for lung, head and neck, bladder, and melanoma cancers.

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