Short Interest in IO Biotech, Inc. (NASDAQ:IOBT) Declines By 12.7%

IO Biotech, Inc. (NASDAQ:IOBT - Get Free Report) was the target of a large decrease in short interest in the month of October. As of October 15th, there was short interest totalling 277,100 shares, a decrease of 12.7% from the September 30th total of 317,500 shares. Based on an average daily volume of 410,000 shares, the days-to-cover ratio is presently 0.7 days. Approximately 0.6% of the shares of the stock are sold short.

Institutional Trading of IO Biotech

An institutional investor recently raised its position in IO Biotech stock. Renaissance Technologies LLC raised its holdings in shares of IO Biotech, Inc. (NASDAQ:IOBT - Free Report) by 8.1% during the second quarter, according to its most recent filing with the SEC. The firm owned 180,800 shares of the company's stock after purchasing an additional 13,600 shares during the period. Renaissance Technologies LLC owned 0.27% of IO Biotech worth $212,000 at the end of the most recent reporting period. Institutional investors own 54.76% of the company's stock.

Analyst Ratings Changes

A number of analysts have issued reports on the stock. HC Wainwright reiterated a "buy" rating and issued a $12.00 price target on shares of IO Biotech in a report on Monday, September 16th. Morgan Stanley lifted their target price on IO Biotech from $4.00 to $6.00 and gave the stock an "overweight" rating in a report on Monday, September 16th. Finally, Piper Sandler reiterated an "overweight" rating and issued a $10.00 target price on shares of IO Biotech in a research report on Tuesday, September 3rd.

IO Biotech Price Performance

Shares of IO Biotech stock traded down $0.04 on Tuesday, reaching $1.30. The company had a trading volume of 62,198 shares, compared to its average volume of 218,730. The firm's 50-day moving average price is $1.17 and its two-hundred day moving average price is $1.28. The firm has a market cap of $85.32 million, a price-to-earnings ratio of -0.70 and a beta of 0.46. IO Biotech has a 1 year low of $0.73 and a 1 year high of $2.10.

IO Biotech (NASDAQ:IOBT - Get Free Report) last posted its quarterly earnings data on Tuesday, August 13th. The company reported ($0.31) earnings per share (EPS) for the quarter, beating analysts' consensus estimates of ($0.35) by $0.04. As a group, analysts anticipate that IO Biotech will post -1.18 EPS 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.

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