IO Biotech, Inc. (NASDAQ:IOBT) Sees Significant Growth in Short Interest

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 large increase in short interest during the month of July. As of July 31st, there was short interest totaling 851,200 shares, anincreaseof121.6% from the July 15th total of 384,200 shares. Based on an average daily trading volume, of 1,570,000 shares, the short-interest ratio is currently 0.5 days. Approximately1.8% of the company's shares are short sold. Approximately1.8% of the company's shares are short sold. Based on an average daily trading volume, of 1,570,000 shares, the short-interest ratio is currently 0.5 days.

Wall Street Analyst Weigh In

A number of brokerages have weighed in on IOBT. HC Wainwright restated a "buy" rating on shares of IO Biotech in a research note on Wednesday, May 14th. Wall Street Zen raised IO Biotech to a "sell" rating in a research report on Saturday, June 14th. Finally, Morgan Stanley lowered their price objective on IO Biotech from $6.00 to $4.00 and set an "overweight" rating on the stock in a research note on Tuesday, August 12th.

Institutional Investors Weigh In On IO Biotech

A number of hedge funds and other institutional investors have recently bought and sold shares of IOBT. Citadel Advisors LLC purchased a new stake in IO Biotech in the 4th quarter valued at about $249,000. Renaissance Technologies LLC grew its position in IO Biotech by 22.5% during the fourth quarter. Renaissance Technologies LLC now owns 118,800 shares of the company's stock valued at $109,000 after buying an additional 21,800 shares during the period. XTX Topco Ltd lifted its holdings in IO Biotech by 80.0% during the first quarter. XTX Topco Ltd now owns 50,486 shares of the company's stock valued at $55,000 after purchasing an additional 22,446 shares in the last quarter. Dauntless Investment Group LLC purchased a new position in shares of IO Biotech in the fourth quarter worth about $688,000. Finally, NewEdge Advisors LLC acquired a new stake in IO Biotech during the second quarter worth about $34,000. Hedge funds and other institutional investors own 54.76% of the company's stock.

IO Biotech Price Performance

Shares of IOBT stock traded up $0.88 on Friday, reaching $2.16. 37,545,991 shares of the company were exchanged, compared to its average volume of 5,885,919. IO Biotech has a one year low of $0.66 and a one year high of $2.48. The company has a market cap of $142.30 million, a price-to-earnings ratio of -1.37 and a beta of 0.44. The company has a 50-day moving average of $1.66 and a 200-day moving average of $1.24.

IO Biotech (NASDAQ:IOBT - Get Free Report) last released its quarterly earnings data on Thursday, August 14th. The company reported ($0.40) earnings per share for the quarter, missing analysts' consensus estimates of ($0.35) by ($0.05). As a group, sell-side analysts predict that IO Biotech will post -1.35 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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