IO Biotech, Inc. (NASDAQ:IOBT) Sees Large Decline in Short Interest

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

Insider Buying and Selling

In related news, major shareholder Holdings A/S Novo sold 658,809 shares of IO Biotech stock in a transaction dated Friday, February 9th. The stock was sold at an average price of $1.50, for a total value of $988,213.50. Following the sale, the insider now directly owns 5,088,258 shares in the company, valued at approximately $7,632,387. The transaction was disclosed in a legal filing with the SEC, which is available at this link. 3.50% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

A number of institutional investors have recently bought and sold shares of the business. Vivo Capital LLC lifted its stake in IO Biotech by 104.7% in the 3rd quarter. Vivo Capital LLC now owns 6,173,439 shares of the company’s stock worth $8,705,000 after purchasing an additional 3,157,894 shares in the last quarter. PFM Health Sciences LP raised its position in shares of IO Biotech by 73.0% during the 4th quarter. PFM Health Sciences LP now owns 2,341,107 shares of the company’s stock valued at $4,401,000 after buying an additional 987,654 shares during the period. Armistice Capital LLC purchased a new stake in shares of IO Biotech during the 3rd quarter valued at approximately $3,029,000. Stonepine Capital Management LLC purchased a new stake in shares of IO Biotech during the 3rd quarter valued at approximately $2,785,000. Finally, Bank of America Corp DE raised its position in shares of IO Biotech by 18,441.9% during the 4th quarter. Bank of America Corp DE now owns 1,854,185 shares of the company’s stock valued at $4,265,000 after buying an additional 1,844,185 shares during the period. 54.76% of the stock is owned by hedge funds and other institutional investors.

IO Biotech Price Performance

IOBT opened at $1.52 on Tuesday. The company’s 50 day simple moving average is $1.65 and its two-hundred day simple moving average is $1.48. IO Biotech has a 1-year low of $0.82 and a 1-year high of $2.64. The firm has a market capitalization of $100.14 million, a price-to-earnings ratio of -0.70 and a beta of 0.49.

IO Biotech (NASDAQ:IOBT) last released its earnings results on Tuesday, March 5th. The company reported ($0.40) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.36) by ($0.04). On average, equities analysts anticipate that IO Biotech will post -1.41 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

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

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.