Turnstone Biologics Corp. (NASDAQ:TSBX) Sees Significant Growth in Short Interest

Turnstone Biologics Corp. (NASDAQ:TSBX) saw a significant growth in short interest during the month of February. As of February 28th, there was short interest totalling 399,900 shares, a growth of 30.5% from the February 13th total of 306,500 shares. Based on an average daily volume of 206,100 shares, the days-to-cover ratio is currently 1.9 days. Approximately 2.3% of the shares of the company are sold short.

Analyst Ratings Changes

Separately, Piper Sandler downgraded Turnstone Biologics from an “overweight” rating to a “neutral” rating and reduced their price target for the company from $3.75 to $0.40 in a research note on Wednesday, February 5th.

Turnstone Biologics Stock Performance

NASDAQ:TSBX opened at $0.39 on Wednesday. Turnstone Biologics has a 52 week low of $0.34 and a 52 week high of $3.88. The firm’s 50-day simple moving average is $0.42 and its 200 day simple moving average is $0.49. The firm has a market cap of $9.11 million, a price-to-earnings ratio of -0.12 and a beta of 2.04.

Institutional Inflows and Outflows

An institutional investor recently bought a new position in Turnstone Biologics stock. Takeda Pharmaceutical Co. Ltd. purchased a new position in shares of Turnstone Biologics Corp. (NASDAQ:TSBX) during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor purchased 895,824 shares of the company’s stock, valued at approximately $448,000. Turnstone Biologics makes up 1.7% of Takeda Pharmaceutical Co. Ltd.’s holdings, making the stock its 8th biggest holding. Takeda Pharmaceutical Co. Ltd. owned about 3.87% of Turnstone Biologics at the end of the most recent reporting period. Institutional investors and hedge funds own 52.51% of the company’s stock.

About Turnstone Biologics

Turnstone Biologics Corp., a clinical stage biotechnology company, focuses on developing medicines to treat and cure patients with solid tumors. The company's lead product includes TIDAL-01 that is in Phase 1 clinical trials for the treatment of breast cancer, colorectal cancer, head and neck cancer and uveal melanoma, as well as an investigator sponsored trials to treat colorectal cancer, head and neck cancer, and cutaneous and non-cutaneous melanomas.