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

IO Biotech, Inc. (NASDAQ:IOBT) was the recipient of a significant increase in short interest in the month of February. As of February 28th, there was short interest totalling 32,300 shares, an increase of 32.9% from the February 13th total of 24,300 shares. Currently, 0.1% of the company’s shares are sold short. Based on an average daily volume of 181,100 shares, the days-to-cover ratio is presently 0.2 days.

Institutional Trading of IO Biotech

Several institutional investors have recently added to or reduced their stakes in the business. Renaissance Technologies LLC grew its position in shares of IO Biotech by 22.5% during the fourth quarter. Renaissance Technologies LLC now owns 118,800 shares of the company’s stock worth $109,000 after acquiring an additional 21,800 shares during the last quarter. XTX Topco Ltd bought a new position in shares of IO Biotech during the fourth quarter worth about $26,000. Vontobel Holding Ltd. bought a new position in shares of IO Biotech during the fourth quarter worth about $30,000. Citadel Advisors LLC bought a new position in shares of IO Biotech during the fourth quarter worth about $249,000. Finally, Landscape Capital Management L.L.C. bought a new position in shares of IO Biotech during the fourth quarter worth about $407,000. Institutional investors own 54.76% of the company’s stock.

IO Biotech Stock Down 3.7 %

IOBT stock traded down $0.03 during trading on Tuesday, hitting $0.89. 60,106 shares of the company’s stock traded hands, compared to its average volume of 125,299. IO Biotech has a 52 week low of $0.66 and a 52 week high of $1.85. The stock has a fifty day moving average price of $0.92 and a two-hundred day moving average price of $0.97. The stock has a market capitalization of $58.30 million, a price-to-earnings ratio of -0.65 and a beta of 0.22.

Analyst Ratings Changes

A number of research analysts have weighed in on IOBT shares. HC Wainwright reaffirmed a “buy” rating and set a $12.00 price target on shares of IO Biotech in a research report on Wednesday, March 5th. Piper Sandler raised shares of IO Biotech to a “strong-buy” rating in a research report on Wednesday, March 12th.

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.