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

IO Biotech, Inc. (NASDAQ:IOBT) saw a large 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 days-to-cover ratio is presently 0.2 days. Currently, 0.1% of the shares of the company are sold short.

Institutional Investors Weigh In On IO Biotech

Large investors have recently bought and sold shares of the business. Citadel Advisors LLC bought a new stake in shares of IO Biotech during the fourth quarter worth $249,000. Dauntless Investment Group LLC bought a new position in shares of IO Biotech during the fourth quarter worth $688,000. XTX Topco Ltd bought a new position in IO Biotech during the fourth quarter worth about $26,000. Renaissance Technologies LLC grew its position in shares of IO Biotech by 22.5% in the 4th quarter. Renaissance Technologies LLC now owns 118,800 shares of the company’s stock valued at $109,000 after purchasing an additional 21,800 shares during the period. Finally, Landscape Capital Management L.L.C. acquired a new position in shares of IO Biotech in the fourth quarter valued at approximately $407,000. 54.76% of the stock is currently owned by institutional investors.

IO Biotech Stock Up 2.4 %

NASDAQ:IOBT traded up $0.02 on Monday, reaching $0.90. The stock had a trading volume of 27,901 shares, compared to its average volume of 259,705. The company has a market capitalization of $59.29 million, a P/E ratio of -0.66 and a beta of 0.22. IO Biotech has a 1-year low of $0.66 and a 1-year high of $1.85. The stock has a fifty day moving average price of $0.92 and a 200-day moving average price of $0.97.

Analyst Upgrades and Downgrades

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

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.