Short Interest in IO Biotech, Inc. (NASDAQ:IOBT) Declines By 9.4%

IO Biotech, Inc. (NASDAQ:IOBT) was the target of a significant drop in short interest in the month of April. As of April 15th, there was short interest totalling 61,800 shares, a drop of 9.4% from the March 31st total of 68,200 shares. Based on an average daily trading volume, of 133,900 shares, the short-interest ratio is presently 0.5 days. Approximately 0.2% of the company’s stock are sold short.

Analyst Upgrades and Downgrades

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

Insider Transactions at IO Biotech

In other news, major shareholder Holdings A/S Novo sold 658,809 shares of the firm’s stock in a transaction on Friday, February 9th. The stock was 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 of the company’s stock, valued at $7,632,387. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. 3.50% of the stock is currently owned by insiders.

Hedge Funds Weigh In On IO Biotech

Institutional investors have recently bought and sold shares of the stock. Vivo Capital LLC grew its position in IO Biotech by 104.7% during the third quarter. Vivo Capital LLC now owns 6,173,439 shares of the company’s stock worth $8,705,000 after buying an additional 3,157,894 shares in the last quarter. Stonepine Capital Management LLC acquired a new stake in IO Biotech during the third quarter worth about $2,785,000. Armistice Capital LLC acquired a new stake in IO Biotech during the third quarter worth about $3,029,000. Finally, PFM Health Sciences LP grew its position in IO Biotech by 73.0% during the fourth quarter. PFM Health Sciences LP now owns 2,341,107 shares of the company’s stock worth $4,401,000 after buying an additional 987,654 shares in the last quarter. 54.76% of the stock is currently owned by institutional investors.

IO Biotech Price Performance

Shares of NASDAQ:IOBT traded up $0.07 during midday trading on Monday, hitting $1.49. 46,365 shares of the stock were exchanged, compared to its average volume of 128,780. IO Biotech has a 52-week low of $0.82 and a 52-week high of $2.64. The business’s fifty day simple moving average is $1.61 and its two-hundred day simple moving average is $1.49.

IO Biotech (NASDAQ:IOBT) last announced its quarterly earnings data on Tuesday, March 5th. The company reported ($0.40) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.36) by ($0.04). As a group, sell-side analysts predict that IO Biotech will post -1.41 earnings per share for the current fiscal year.

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.