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

Key Points

• IO Biotech, Inc. experienced a significant increase in short interest, with a rise of 121.6% in July, bringing the total to 851,200 shares shorted.
• A range of brokerages have set various ratings for IO Biotech, with Morgan Stanley lowering its price target from $6.00 to $4.00 while maintaining an "overweight" rating.
• Institutional investors hold a substantial stake in IO Biotech, owning 54.76% of the company's shares, with notable investments from Citadel Advisors and Renaissance Technologies.

IO Biotech, Inc. (NASDAQ:IOBT - Get Free Report) was the recipient of a significant increase in short interest in July. As of July 31st, there was short interest totaling 851,200 shares, anincreaseof121.6% from the July 15th total of 384,200 shares. Currently,1.8% of the shares of the stock are sold short. Based on an average daily trading volume, of 1,570,000 shares, the short-interest ratio is currently 0.5 days. Based on an average daily trading volume, of 1,570,000 shares, the short-interest ratio is currently 0.5 days. Currently,1.8% of the shares of the stock are sold short.

IO Biotech Price Performance

Shares of IO Biotech stock traded down $0.03 during trading on Friday, hitting $1.74. 1,450,282 shares of the company were exchanged, compared to its average volume of 1,256,948. IO Biotech has a fifty-two week low of $0.66 and a fifty-two week high of $2.79. The company has a quick ratio of 2.32, a current ratio of 1.96 and a debt-to-equity ratio of 4.22. The firm has a 50 day moving average price of $1.69 and a 200 day moving average price of $1.26. The stock has a market capitalization of $123.86 million, a price-to-earnings ratio of -1.10 and a beta of 0.44.

IO Biotech (NASDAQ:IOBT - Get Free Report) last released its earnings results on Thursday, August 14th. The company reported ($0.40) earnings per share (EPS) for the quarter, missing analysts' consensus estimates of ($0.35) by ($0.05). On average, equities analysts expect that IO Biotech will post -1.35 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

A number of large investors have recently made changes to their positions in IOBT. Marex Group plc acquired a new stake in shares of IO Biotech during the second quarter worth $63,000. NewEdge Advisors LLC acquired a new position in IO Biotech in the second quarter valued at $34,000. Jane Street Group LLC purchased a new position in IO Biotech during the first quarter worth about $26,000. XTX Topco Ltd boosted its stake in IO Biotech by 80.0% in the 1st quarter. XTX Topco Ltd now owns 50,486 shares of the company's stock worth $55,000 after buying an additional 22,446 shares during the last quarter. Finally, Citadel Advisors LLC acquired a new stake in IO Biotech in the 4th quarter worth about $249,000. Hedge funds and other institutional investors own 54.76% of the company's stock.

Wall Street Analyst Weigh In

IOBT has been the subject of a number of research analyst reports. Wall Street Zen raised shares of IO Biotech to a "sell" rating in a report on Saturday, June 14th. Morgan Stanley lowered their price target on IO Biotech from $6.00 to $4.00 and set an "overweight" rating on the stock in a report on Tuesday, August 12th. Finally, HC Wainwright reaffirmed a "buy" rating on shares of IO Biotech in a research note on Wednesday, May 14th. One research analyst has rated the stock with a Strong Buy rating and two have assigned a Buy rating to the company's stock. According to data from MarketBeat, IO Biotech currently has a consensus rating of "Buy" and a consensus price target of $8.67.

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.