IO Biotech, Inc. (NASDAQ:IOBT) Sees Large Decrease in Short Interest

IO Biotech, Inc. (NASDAQ:IOBT) saw a large decrease in short interest during the month of December. As of December 31st, there was short interest totalling 45,400 shares, a decrease of 68.6% from the December 15th total of 144,400 shares. Based on an average daily volume of 358,100 shares, the short-interest ratio is presently 0.1 days. Approximately 0.1% of the company’s shares are short sold.

IO Biotech Stock Performance

NASDAQ IOBT traded down $0.01 on Monday, reaching $0.86. 157,206 shares of the stock traded hands, compared to its average volume of 153,601. IO Biotech has a 12 month low of $0.66 and a 12 month high of $1.95. The company has a market cap of $56.85 million, a price-to-earnings ratio of -0.63 and a beta of 0.24. The company has a fifty day moving average price of $0.89 and a 200-day moving average price of $1.11.

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

Institutional Investors Weigh In On IO Biotech

An institutional investor recently raised its position in IO Biotech stock. XTX Topco Ltd increased its holdings in IO Biotech, Inc. (NASDAQ:IOBT) by 67.4% in the second quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 26,555 shares of the company’s stock after buying 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 filing with the Securities & Exchange Commission. Hedge funds and other institutional investors own 54.76% of the company’s stock.

Wall Street Analyst Weigh In

Several research analysts have issued reports on the company. HC Wainwright restated a “buy” rating and set a $12.00 target price on shares of IO Biotech in a research report on Tuesday, November 12th. Morgan Stanley raised their price target on IO Biotech from $4.00 to $6.00 and gave the stock 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.