Short Interest in IO Biotech, Inc. (NASDAQ:IOBT) Grows By 210.5%

IO Biotech, Inc. (NASDAQ:IOBT) was the target of a significant increase in short interest in December. As of December 15th, there was short interest totalling 144,400 shares, an increase of 210.5% from the November 30th total of 46,500 shares. Approximately 0.3% of the company’s stock are sold short. Based on an average trading volume of 349,900 shares, the short-interest ratio is presently 0.4 days.

IO Biotech Stock Up 4.3 %

NASDAQ IOBT traded up $0.04 during mid-day trading on Friday, hitting $0.98. The stock had a trading volume of 554,271 shares, compared to its average volume of 264,864. The company has a market cap of $64.56 million, a price-to-earnings ratio of -0.72 and a beta of 0.27. IO Biotech has a 52-week low of $0.66 and a 52-week high of $2.10. The company has a 50 day simple moving average of $0.96 and a 200 day simple moving average of $1.14.

IO Biotech (NASDAQ:IOBT) last released its quarterly earnings results on Tuesday, November 12th. The company reported ($0.36) EPS for the quarter, missing the consensus estimate of ($0.29) by ($0.07). As a group, equities analysts anticipate that IO Biotech will post -1.35 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

A hedge fund recently raised its stake in IO Biotech stock. XTX Topco Ltd grew its position in shares of IO Biotech, Inc. (NASDAQ:IOBT) by 67.4% during the second quarter, according to 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 period. 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.

Analysts Set New Price Targets

Several equities research analysts recently weighed in on the company. Piper Sandler restated an “overweight” rating and set a $10.00 target price on shares of IO Biotech in a research note on Tuesday, September 3rd. HC Wainwright reiterated a “buy” rating and issued a $12.00 price target on shares of IO Biotech in a research report on Tuesday, November 12th. Finally, Morgan Stanley upped their price objective on IO Biotech from $4.00 to $6.00 and gave the company an “overweight” rating in a research note on Monday, September 16th.

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.