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

IO Biotech, Inc. (NASDAQ:IOBT) was the target of a significant growth in short interest in 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. Currently, 0.1% of the shares of the company are short sold. Based on an average trading volume of 177,400 shares, the short-interest ratio is presently 0.3 days.

Institutional Inflows and Outflows

Hedge funds have recently added to or reduced their stakes in the company. Citadel Advisors LLC acquired a new stake in shares of IO Biotech in the 4th quarter valued at $249,000. Dauntless Investment Group LLC bought a new stake in shares of IO Biotech during the 4th quarter worth $688,000. XTX Topco Ltd acquired a new stake in IO Biotech in the fourth quarter valued at about $26,000. Renaissance Technologies LLC grew its position in 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 during the last quarter. Finally, Landscape Capital Management L.L.C. acquired a new position in IO Biotech during the fourth quarter worth about $407,000. 54.76% of the stock is owned by institutional investors.

IO Biotech Trading Down 6.0 %

IO Biotech stock traded down $0.07 during trading hours on Monday, reaching $1.09. 205,154 shares of the stock were exchanged, compared to its average volume of 270,160. IO Biotech has a twelve month low of $0.66 and a twelve month high of $1.79. The company has a market cap of $71.81 million, a P/E ratio of -0.80 and a beta of 0.22. The stock has a 50 day moving average of $0.96 and a two-hundred day moving average of $0.97.

Analyst Ratings Changes

Several analysts have weighed in on the stock. 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 issued a $12.00 price target on shares of IO Biotech in a research note on Wednesday, March 5th.

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.