Short Interest in IO Biotech, Inc. (NASDAQ:IOBT) Increases By 32.9%

IO Biotech, Inc. (NASDAQ:IOBT) was the target of a significant growth in short interest in February. As of February 28th, there was short interest totalling 32,300 shares, a growth of 32.9% from the February 13th total of 24,300 shares. Based on an average daily volume of 181,100 shares, the short-interest ratio is currently 0.2 days. Approximately 0.1% of the shares of the stock are sold short.

IO Biotech Stock Down 1.3 %

Shares of IOBT traded down $0.01 during trading hours on Friday, hitting $0.88. The company had a trading volume of 41,813 shares, compared to its average volume of 128,927. The firm has a market cap of $57.90 million, a P/E ratio of -0.64 and a beta of 0.22. The stock’s 50 day moving average price is $0.92 and its 200 day moving average price is $0.97. IO Biotech has a 52-week low of $0.66 and a 52-week high of $1.85.

Institutional Inflows and Outflows

Several large investors have recently modified their holdings of IOBT. Vontobel Holding Ltd. purchased a new position in shares of IO Biotech in the fourth quarter worth about $30,000. Landscape Capital Management L.L.C. bought a new stake in shares of IO Biotech in the fourth quarter worth about $407,000. Renaissance Technologies LLC grew its stake 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 worth $109,000 after purchasing an additional 21,800 shares during the last quarter. XTX Topco Ltd bought a new stake in shares of IO Biotech in the fourth quarter worth about $26,000. Finally, Dauntless Investment Group LLC bought a new stake in shares of IO Biotech in the fourth quarter worth about $688,000. Hedge funds and other institutional investors own 54.76% of the company’s stock.

Analysts Set New Price Targets

A number of equities research analysts have weighed in on the company. HC Wainwright restated 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 upgraded IO Biotech to a “strong-buy” rating in a research report on Wednesday.

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.