IO Biotech, Inc. (NASDAQ:IOBT) Short Interest Update

IO Biotech, Inc. (NASDAQ:IOBT) was the target of a significant drop in short interest during the month of March. As of March 31st, there was short interest totalling 68,200 shares, a drop of 16.4% from the March 15th total of 81,600 shares. Based on an average trading volume of 138,300 shares, the short-interest ratio is currently 0.5 days. Approximately 0.2% of the shares of the stock are short sold.

Insider Buying and Selling at IO Biotech

In other news, major shareholder Holdings A/S Novo sold 658,809 shares of the firm’s 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 transaction, the insider now owns 5,088,258 shares in the company, valued at $7,632,387. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Company insiders own 3.50% of the company’s stock.

Institutional Inflows and Outflows

Large investors have recently added to or reduced their stakes in the business. Two Sigma Securities LLC purchased a new stake in shares of IO Biotech during the 2nd quarter worth approximately $25,000. Renaissance Technologies LLC purchased a new stake in shares of IO Biotech during the 3rd quarter worth approximately $50,000. Ergoteles LLC purchased a new stake in shares of IO Biotech during the 1st quarter worth approximately $59,000. Morgan Stanley raised its holdings in shares of IO Biotech by 31.7% during the 4th quarter. Morgan Stanley now owns 29,060 shares of the company’s stock worth $67,000 after acquiring an additional 7,000 shares in the last quarter. Finally, Jane Street Group LLC purchased a new stake in shares of IO Biotech during the 1st quarter worth approximately $76,000. 54.76% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

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

IO Biotech Stock Performance

IO Biotech stock opened at $1.52 on Tuesday. The business has a 50-day simple moving average of $1.65 and a two-hundred day simple moving average of $1.48. IO Biotech has a 52-week low of $0.82 and a 52-week high of $2.64.

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 analysts’ consensus estimates of ($0.36) by ($0.04). On average, equities research analysts expect that IO Biotech will post -1.41 EPS for the current year.

About IO Biotech

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.