IO Biotech, Inc. (NASDAQ:IOBT) Sees Large Increase in Short Interest

IO Biotech, Inc. (NASDAQ:IOBT) saw a large growth in short interest in the month of 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. Approximately 0.1% of the shares of the company are sold short. Based on an average trading volume of 181,100 shares, the short-interest ratio is currently 0.2 days.

Wall Street Analysts Forecast Growth

IOBT has been the subject of several recent analyst reports. 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 objective on shares of IO Biotech in a research note on Wednesday, March 5th.

Hedge Funds Weigh In On IO Biotech

Several hedge funds have recently added to or reduced their stakes in the business. Renaissance Technologies LLC increased its holdings in IO Biotech by 22.5% during the 4th 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 in the last quarter. XTX Topco Ltd purchased a new stake in shares of IO Biotech during the fourth quarter worth about $26,000. Vontobel Holding Ltd. purchased a new stake in IO Biotech in the fourth quarter valued at approximately $30,000. Citadel Advisors LLC purchased a new stake in IO Biotech in the fourth quarter valued at approximately $249,000. Finally, Landscape Capital Management L.L.C. purchased a new stake in IO Biotech in the fourth quarter valued at approximately $407,000. 54.76% of the stock is currently owned by hedge funds and other institutional investors.

IO Biotech Stock Performance

NASDAQ:IOBT traded down $0.03 during mid-day trading on Tuesday, hitting $0.89. 60,106 shares of the company’s stock traded hands, compared to its average volume of 125,299. The firm’s 50 day simple moving average is $0.92 and its 200 day simple moving average is $0.97. IO Biotech has a 1 year low of $0.66 and a 1 year high of $1.85. The company has a market cap of $58.30 million, a PE ratio of -0.65 and a beta of 0.22.

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.