Short Interest in IO Biotech, Inc. (NASDAQ:IOBT) Expands By 56.6%

IO Biotech, Inc. (NASDAQ:IOBT) was the target of a large growth in short interest in the month of August. As of August 15th, there was short interest totalling 75,500 shares, a growth of 56.6% from the July 31st total of 48,200 shares. Approximately 0.2% of the shares of the stock are short sold. Based on an average daily trading volume, of 141,400 shares, the days-to-cover ratio is currently 0.5 days.

IO Biotech Price Performance

Shares of IOBT stock traded down $0.04 during trading hours on Friday, hitting $1.50. 1,091,982 shares of the company’s stock were exchanged, compared to its average volume of 137,187. IO Biotech has a 52 week low of $0.82 and a 52 week high of $2.10. The stock has a market cap of $98.82 million, a price-to-earnings ratio of -0.80 and a beta of 0.48. The stock’s 50-day moving average is $1.36 and its 200-day moving average is $1.45.

IO Biotech (NASDAQ:IOBT) last posted its quarterly earnings data on Tuesday, August 13th. The company reported ($0.31) earnings per share for the quarter, beating the consensus estimate of ($0.35) by $0.04. Equities research analysts forecast that IO Biotech will post -1.27 earnings per share for the current fiscal year.

Insider Buying and Selling

In other IO Biotech news, major shareholder Holdings A/S Novo sold 51,522 shares of the company’s stock in a transaction on Thursday, July 25th. The stock was sold at an average price of $1.33, for a total value of $68,524.26. Following the sale, the insider now directly owns 4,377,927 shares in the company, valued at $5,822,642.91. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. 2.30% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

Institutional investors have recently bought and sold shares of the stock. XTX Topco Ltd boosted its position in IO Biotech by 67.4% in the 2nd quarter. XTX Topco Ltd now owns 26,555 shares of the company’s stock valued at $31,000 after buying an additional 10,688 shares during the last quarter. Renaissance Technologies LLC lifted its stake in shares of IO Biotech by 8.1% during the second quarter. Renaissance Technologies LLC now owns 180,800 shares of the company’s stock valued at $212,000 after acquiring an additional 13,600 shares during the period. Finally, PFM Health Sciences LP boosted its holdings in IO Biotech by 73.0% in the fourth quarter. PFM Health Sciences LP now owns 2,341,107 shares of the company’s stock valued at $4,401,000 after acquiring an additional 987,654 shares during the last quarter. Institutional investors own 54.76% of the company’s stock.

Analyst Upgrades and Downgrades

Separately, HC Wainwright reaffirmed a “buy” rating and set a $12.00 price objective on shares of IO Biotech in a report on Wednesday, August 14th.

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.