Short Interest in IO Biotech, Inc. (NASDAQ:IOBT) Increases By 156.6%

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

Hedge Funds Weigh In On IO Biotech

Several hedge funds have recently added to or reduced their stakes in the company. Landscape Capital Management L.L.C. bought a new position in IO Biotech in the 4th quarter valued at $407,000. Vontobel Holding Ltd. purchased a new position in IO Biotech during the 4th quarter valued at about $30,000. Citadel Advisors LLC bought a new stake in shares of IO Biotech in the 4th quarter valued at about $249,000. Renaissance Technologies LLC lifted 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 worth $109,000 after purchasing an additional 21,800 shares during the period. Finally, XTX Topco Ltd purchased a new stake in shares of IO Biotech in the 4th quarter worth approximately $26,000. 54.76% of the stock is currently owned by institutional investors.

IO Biotech Price Performance

Shares of IO Biotech stock traded up $0.00 during trading hours on Wednesday, reaching $0.89. The company’s stock had a trading volume of 70,192 shares, compared to its average volume of 272,242. The firm has a 50 day moving average price of $0.96 and a 200-day moving average price of $0.96. The stock has a market cap of $58.63 million, a P/E ratio of -0.65 and a beta of 0.08. IO Biotech has a one year low of $0.66 and a one year high of $1.79.

Analyst Ratings Changes

A number of research analysts have recently weighed in on the company. HC Wainwright restated a “buy” rating and set a $12.00 price objective on shares of IO Biotech in a research report on Tuesday, April 1st. Piper Sandler raised IO Biotech to a “strong-buy” rating in a research note on Wednesday, March 12th.

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.