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

IO Biotech, Inc. (NASDAQ:IOBT) was the target of a significant increase in short interest during the month of March. As of March 31st, there was short interest totalling 128,300 shares, an increase of 156.6% from the March 15th total of 50,000 shares. Based on an average daily trading volume, of 170,300 shares, the short-interest ratio is currently 0.8 days. Currently, 0.3% of the shares of the company are short sold.

IO Biotech Stock Up 0.2 %

NASDAQ:IOBT traded up $0.00 during trading hours on Wednesday, hitting $0.89. 70,192 shares of the stock traded hands, compared to its average volume of 272,242. The company has a market cap of $58.63 million, a price-to-earnings ratio of -0.65 and a beta of 0.08. IO Biotech has a 1 year low of $0.66 and a 1 year high of $1.79. The stock has a 50 day moving average price of $0.96 and a 200 day moving average price of $0.96.

Wall Street Analyst Weigh In

Several research analysts have recently weighed in on IOBT shares. Piper Sandler upgraded shares of IO Biotech to a “strong-buy” rating in a research note on Wednesday, March 12th. HC Wainwright reiterated a “buy” rating and set a $12.00 target price on shares of IO Biotech in a research report on Tuesday, April 1st.

Institutional Inflows and Outflows

Large investors have recently modified their holdings of the company. XTX Topco Ltd purchased a new stake in IO Biotech in the 4th quarter worth $26,000. Vontobel Holding Ltd. purchased a new stake in shares of IO Biotech during the fourth quarter worth about $30,000. Renaissance Technologies LLC raised its stake in IO Biotech by 22.5% during the 4th quarter. Renaissance Technologies LLC now owns 118,800 shares of the company’s stock valued at $109,000 after purchasing an additional 21,800 shares during the period. Citadel Advisors LLC purchased a new position in IO Biotech in the 4th quarter worth approximately $249,000. Finally, Landscape Capital Management L.L.C. bought a new position in IO Biotech in the 4th quarter worth approximately $407,000. Hedge funds and other institutional investors own 54.76% of the company’s stock.

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.