IO Biotech, Inc. (NASDAQ:IOBT) Short Interest Down 57.6% in November

IO Biotech, Inc. (NASDAQ:IOBT) was the recipient of a significant drop in short interest during the month of November. As of November 15th, there was short interest totalling 85,200 shares, a drop of 57.6% from the October 31st total of 200,900 shares. Approximately 0.2% of the company’s shares are short sold. Based on an average daily volume of 575,800 shares, the short-interest ratio is currently 0.1 days.

Institutional Inflows and Outflows

A hedge fund recently raised its stake in IO Biotech stock. XTX Topco Ltd grew its stake in shares of IO Biotech, Inc. (NASDAQ:IOBT) by 67.4% in the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 26,555 shares of the company’s stock after acquiring an additional 10,688 shares during the quarter. XTX Topco Ltd’s holdings in IO Biotech were worth $31,000 as of its most recent SEC filing. 54.76% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

IOBT has been the subject of a number of recent analyst reports. Morgan Stanley upped their price target on shares of IO Biotech from $4.00 to $6.00 and gave the company an “overweight” rating in a report on Monday, September 16th. HC Wainwright reaffirmed a “buy” rating and set a $12.00 price objective on shares of IO Biotech in a research note on Tuesday, November 12th. Finally, Piper Sandler reissued an “overweight” rating and issued a $10.00 target price on shares of IO Biotech in a research note on Tuesday, September 3rd.

IO Biotech Stock Up 13.6 %

Shares of IOBT stock traded up $0.10 during mid-day trading on Thursday, reaching $0.85. 791,771 shares of the company’s stock traded hands, compared to its average volume of 260,568. The company’s 50-day moving average price is $1.07 and its 200-day moving average price is $1.21. The company has a market cap of $56.00 million, a P/E ratio of -0.62 and a beta of 0.42. IO Biotech has a 12 month low of $0.66 and a 12 month high of $2.10.

IO Biotech (NASDAQ:IOBT) last announced its quarterly earnings data on Tuesday, November 12th. The company reported ($0.36) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.29) by ($0.07). Equities analysts predict that IO Biotech will post -1.35 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.