IO Biotech, Inc. (NASDAQ:IOBT) Short Interest Up 50.3% in March

IO Biotech, Inc. (NASDAQ:IOBT) saw a large growth in short interest in the month of March. As of March 15th, there was short interest totalling 81,600 shares, a growth of 50.3% from the February 29th total of 54,300 shares. Approximately 0.2% of the company’s stock are short sold. Based on an average daily volume of 144,900 shares, the short-interest ratio is currently 0.6 days.

Analyst Upgrades and Downgrades

Separately, HC Wainwright reaffirmed a “buy” rating and set a $8.00 price objective on shares of IO Biotech in a research report on Wednesday, March 6th.

Insider Activity

In other IO Biotech news, major shareholder Holdings A/S Novo sold 658,809 shares of the stock in a transaction that occurred on Friday, February 9th. The shares were sold at an average price of $1.50, for a total value of $988,213.50. Following the completion of the sale, the insider now owns 5,088,258 shares in the company, valued at approximately $7,632,387. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. 3.50% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On IO Biotech

A number of institutional investors have recently modified their holdings of IOBT. Ergoteles LLC bought a new stake in shares of IO Biotech during the 1st quarter worth $59,000. Jane Street Group LLC bought a new stake in IO Biotech during the first quarter valued at about $76,000. Renaissance Technologies LLC acquired a new stake in shares of IO Biotech in the third quarter valued at about $50,000. Citadel Advisors LLC grew its holdings in IO Biotech by 192.4% in the 3rd quarter. Citadel Advisors LLC now owns 42,180 shares of the company’s stock valued at $114,000 after buying an additional 27,754 shares during the last quarter. Finally, Bank of America Corp DE grew its stake in shares of IO Biotech by 18,441.9% in the fourth quarter. Bank of America Corp DE now owns 1,854,185 shares of the company’s stock worth $4,265,000 after acquiring an additional 1,844,185 shares during the last quarter. Institutional investors own 54.76% of the company’s stock.

IO Biotech Stock Performance

IO Biotech stock remained flat at $1.73 during mid-day trading on Friday. 53,557 shares of the company’s stock traded hands, compared to its average volume of 91,416. IO Biotech has a 52-week low of $0.82 and a 52-week high of $2.64. The business has a fifty day moving average price of $1.69 and a 200 day moving average price of $1.46. The firm has a market capitalization of $113.97 million, a PE ratio of -0.80 and a beta of 0.46.

IO Biotech (NASDAQ:IOBT) last issued its quarterly earnings data on Tuesday, March 5th. The company reported ($0.40) EPS for the quarter, missing analysts’ consensus estimates of ($0.36) by ($0.04). Analysts expect that IO Biotech will post -1.41 EPS for the current fiscal year.

IO Biotech Company Profile

IO Biotech, Inc, a clinical-stage biopharmaceutical company, develops immune-modulating cancer therapies based on the T-win technology platform. The company's lead product candidate, IO102-IO103, which is designed to target immunosuppressive proteins, such as 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 1 clinical trial to treat lung, head and neck, bladder, and melanoma cancer.