Short Interest in IO Biotech, Inc. (NASDAQ:IOBT) Increases By 117.8%

IO Biotech, Inc. (NASDAQ:IOBT) was the recipient of a large growth in short interest in September. As of September 30th, there was short interest totaling 2,330,000 shares, a growth of 117.8% from the September 15th total of 1,070,000 shares. Currently, 4.7% of the company’s shares are sold short. Based on an average daily trading volume, of 4,430,000 shares, the short-interest ratio is presently 0.5 days. Based on an average daily trading volume, of 4,430,000 shares, the short-interest ratio is presently 0.5 days. Currently, 4.7% of the company’s shares are sold short.

IO Biotech Stock Performance

Shares of NASDAQ:IOBT opened at $1.02 on Wednesday. The business’s 50 day moving average is $1.33 and its 200 day moving average is $1.35. IO Biotech has a 12-month low of $0.32 and a 12-month high of $2.79. The company has a quick ratio of 1.96, a current ratio of 1.96 and a debt-to-equity ratio of 4.22.

IO Biotech (NASDAQ:IOBT) last posted its earnings results on Thursday, August 14th. The company reported ($0.40) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.35) by ($0.05). As a group, equities analysts predict that IO Biotech will post -1.35 EPS for the current fiscal year.

Analysts Set New Price Targets

A number of equities research analysts have commented on the stock. Weiss Ratings restated a “sell (d-)” rating on shares of IO Biotech in a report on Tuesday, October 14th. Morgan Stanley lowered IO Biotech from an “overweight” rating to an “equal weight” rating in a report on Tuesday, September 30th. HC Wainwright downgraded IO Biotech from a “buy” rating to a “neutral” rating in a report on Monday, September 29th. Cowen lowered IO Biotech to a “hold” rating in a research report on Tuesday, September 30th. Finally, TD Cowen reissued a “hold” rating on shares of IO Biotech in a research report on Tuesday, September 30th. One equities research analyst has rated the stock with a Strong Buy rating, four have given a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat, the stock currently has an average rating of “Hold” and an average target price of $8.00.

Hedge Funds Weigh In On IO Biotech

A number of hedge funds and other institutional investors have recently modified their holdings of the business. Jane Street Group LLC purchased a new stake in shares of IO Biotech during the first quarter valued at approximately $26,000. NewEdge Advisors LLC bought a new position in IO Biotech during the second quarter valued at about $34,000. XTX Topco Ltd boosted its stake in IO Biotech by 80.0% in the first quarter. XTX Topco Ltd now owns 50,486 shares of the company’s stock valued at $55,000 after acquiring an additional 22,446 shares during the last quarter. Finally, Marex Group plc bought a new position in shares of IO Biotech during the 2nd quarter valued at approximately $63,000. 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 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.