Short Interest in IO Biotech, Inc. (NASDAQ:IOBT) Increases By 54.8%

IO Biotech, Inc. (NASDAQ:IOBT) was the recipient of a large growth in short interest in the month of March. As of March 15th, there was short interest totalling 50,000 shares, a growth of 54.8% from the February 28th total of 32,300 shares. Approximately 0.1% of the shares of the company are sold short. Based on an average daily volume of 177,400 shares, the short-interest ratio is currently 0.3 days.

Hedge Funds Weigh In On IO Biotech

A number of hedge funds have recently modified their holdings of the company. XTX Topco Ltd purchased a new position in shares of IO Biotech during the 4th quarter valued at $26,000. Vontobel Holding Ltd. bought a new stake in IO Biotech during the fourth quarter valued at about $30,000. Renaissance Technologies LLC lifted its position in shares of IO Biotech by 22.5% in the fourth quarter. Renaissance Technologies LLC now owns 118,800 shares of the company’s stock valued at $109,000 after acquiring an additional 21,800 shares in the last quarter. Citadel Advisors LLC bought a new position in shares of IO Biotech in the fourth quarter worth about $249,000. Finally, Landscape Capital Management L.L.C. purchased a new stake in shares of IO Biotech during the fourth quarter worth about $407,000. 54.76% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

Several brokerages recently issued reports on IOBT. HC Wainwright restated a “buy” rating and set a $12.00 target price on shares of IO Biotech in a research report on Wednesday, March 5th. Piper Sandler upgraded IO Biotech to a “strong-buy” rating in a research note on Wednesday, March 12th.

IO Biotech Stock Performance

Shares of IOBT stock remained flat at $1.16 during trading hours on Friday. The stock had a trading volume of 218,716 shares, compared to its average volume of 270,420. The stock’s 50-day moving average price is $0.96 and its 200-day moving average price is $0.97. The stock has a market cap of $76.42 million, a P/E ratio of -0.85 and a beta of 0.22. IO Biotech has a 12-month low of $0.66 and a 12-month high of $1.79.

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.