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

IO Biotech, Inc. (NASDAQ:IOBT) saw a significant decrease in short interest during the month of 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. Approximately 0.6% of the shares of the company are short sold. Based on an average daily volume of 410,000 shares, the days-to-cover ratio is currently 0.7 days.

IO Biotech Price Performance

Shares of IOBT traded down $0.04 during mid-day trading on Tuesday, reaching $1.30. The stock had a trading volume of 62,198 shares, compared to its average volume of 218,730. The business’s fifty day moving average is $1.17 and its 200 day moving average is $1.28. The firm has a market cap of $85.32 million, a price-to-earnings ratio of -0.70 and a beta of 0.46. IO Biotech has a 52-week low of $0.73 and a 52-week high of $2.10.

IO Biotech (NASDAQ:IOBT) last posted its earnings results on Tuesday, August 13th. The company reported ($0.31) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.35) by $0.04. As a group, sell-side analysts anticipate that IO Biotech will post -1.18 EPS for the current fiscal year.

Analyst Ratings Changes

Several analysts recently commented on the company. Piper Sandler reaffirmed an “overweight” rating and set a $10.00 target price on shares of IO Biotech in a report on Tuesday, September 3rd. Morgan Stanley upped their price target on shares of IO Biotech from $4.00 to $6.00 and gave the stock an “overweight” rating in a research report on Monday, September 16th. Finally, HC Wainwright restated a “buy” rating and issued a $12.00 price objective on shares of IO Biotech in a report on Monday, September 16th.

Hedge Funds Weigh In On IO Biotech

An institutional investor recently raised its position in IO Biotech stock. XTX Topco Ltd raised its position in IO Biotech, Inc. (NASDAQ:IOBT) by 67.4% during the second quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 26,555 shares of the company’s stock after purchasing an additional 10,688 shares during the quarter. XTX Topco Ltd’s holdings in IO Biotech were worth $31,000 as of its most recent SEC filing. Institutional investors and hedge funds own 54.76% of the company’s stock.

About IO Biotech

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.