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

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

Insiders Place Their Bets

In other IO Biotech news, major shareholder Holdings A/S Novo sold 658,809 shares of the business’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 transaction of $988,213.50. Following the completion of the transaction, the insider now owns 5,088,258 shares in the company, valued at approximately $7,632,387. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. 3.50% of the stock is currently owned by company insiders.

Institutional Trading of IO Biotech

Several institutional investors and hedge funds have recently bought and sold shares of the business. Vivo Capital LLC raised its position in IO Biotech by 104.7% in the 3rd quarter. Vivo Capital LLC now owns 6,173,439 shares of the company’s stock valued at $8,705,000 after purchasing an additional 3,157,894 shares during the last quarter. PFM Health Sciences LP raised its position in IO Biotech by 73.0% in the 4th quarter. PFM Health Sciences LP now owns 2,341,107 shares of the company’s stock valued at $4,401,000 after purchasing an additional 987,654 shares during the last quarter. Armistice Capital LLC purchased a new position in IO Biotech during the 3rd quarter worth $3,029,000. Finally, Stonepine Capital Management LLC purchased a new position in IO Biotech during the 3rd quarter worth $2,785,000. Hedge funds and other institutional investors own 54.76% of the company’s stock.

IO Biotech Trading Down 2.0 %

Shares of IO Biotech stock opened at $1.46 on Wednesday. The company has a fifty day simple moving average of $1.61 and a 200-day simple moving average of $1.49. IO Biotech has a 12-month low of $0.82 and a 12-month high of $2.64. The stock has a market cap of $96.18 million, a price-to-earnings ratio of -0.68 and a beta of 0.49.

IO Biotech (NASDAQ:IOBT) last issued its earnings results 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). On average, analysts forecast that IO Biotech will post -1.41 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

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

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.