IO Biotech, Inc. (NASDAQ:IOBT) Short Interest Up 156.6% in March

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

Institutional Inflows and Outflows

Large investors have recently made changes to their positions in the business. Landscape Capital Management L.L.C. bought a new stake in IO Biotech during the fourth quarter worth about $407,000. Vontobel Holding Ltd. bought a new position in IO Biotech during the 4th quarter worth approximately $30,000. Citadel Advisors LLC purchased a new position in IO Biotech during the 4th quarter valued at about $249,000. Renaissance Technologies LLC increased 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 valued at $109,000 after buying an additional 21,800 shares during the period. Finally, XTX Topco Ltd purchased a new stake in IO Biotech in the fourth quarter worth about $26,000. 54.76% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

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

IO Biotech Trading Down 3.4 %

NASDAQ IOBT traded down $0.03 during trading hours on Thursday, hitting $0.86. 41,254 shares of the company’s stock were exchanged, compared to its average volume of 272,007. IO Biotech has a 1-year low of $0.66 and a 1-year high of $1.79. The stock has a 50-day simple moving average of $0.96 and a 200 day simple moving average of $0.96. The firm has a market cap of $56.66 million, a price-to-earnings ratio of -0.63 and a beta of 0.08.

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.