IO Biotech, Inc. (NASDAQ:IOBT) Short Interest Down 17.6% in June

IO Biotech, Inc. (NASDAQ:IOBT) saw a large drop in short interest in the month of June. As of June 30th, there was short interest totalling 90,700 shares, a drop of 17.6% from the June 15th total of 110,100 shares. Based on an average daily trading volume, of 102,800 shares, the short-interest ratio is presently 0.9 days. Approximately 0.2% of the company’s stock are sold short.

Insider Buying and Selling at IO Biotech

In related news, major shareholder Holdings A/S Novo sold 658,809 shares of the business’s stock in a transaction that occurred on Friday, May 10th. The stock was sold at an average price of $1.22, for a total transaction of $803,746.98. Following the completion of the sale, the insider now owns 4,429,449 shares in the company, valued at $5,403,927.78. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. 2.30% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

A hedge fund recently raised its stake in IO Biotech stock. PFM Health Sciences LP raised its position in IO Biotech, Inc. (NASDAQ:IOBT) by 73.0% during the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 2,341,107 shares of the company’s stock after purchasing an additional 987,654 shares during the quarter. PFM Health Sciences LP owned 3.55% of IO Biotech worth $4,401,000 at the end of the most recent quarter. Institutional investors and hedge funds own 54.76% of the company’s stock.

Wall Street Analyst Weigh In

Separately, HC Wainwright boosted their price target on IO Biotech from $8.00 to $12.00 and gave the stock a “buy” rating in a research note on Wednesday, May 15th.

IO Biotech Trading Down 4.9 %

Shares of NASDAQ IOBT traded down $0.07 during midday trading on Friday, reaching $1.29. 57,884 shares of the stock were exchanged, compared to its average volume of 96,666. The company has a market capitalization of $85.18 million, a P/E ratio of -0.69 and a beta of 0.47. The stock has a 50 day moving average price of $1.28 and a 200-day moving average price of $1.55. IO Biotech has a 52-week low of $0.82 and a 52-week high of $2.18.

IO Biotech (NASDAQ:IOBT) last posted its quarterly earnings data on Tuesday, May 14th. The company reported ($0.30) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.37) by $0.07. On average, analysts forecast that IO Biotech will post -1.27 earnings per share for the current 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.