IO Biotech (NASDAQ:IOBT) Shares Up 4.2% – What’s Next?

IO Biotech, Inc. (NASDAQ:IOBT) shares were up 4.2% on Tuesday . The company traded as high as $0.97 and last traded at $0.97. Approximately 143,772 shares traded hands during trading, an increase of 15% from the average daily volume of 124,922 shares. The stock had previously closed at $0.93.

Analyst Ratings Changes

Separately, HC Wainwright restated a “buy” rating and set a $12.00 price target on shares of IO Biotech in a report on Tuesday, November 12th.

IO Biotech Price Performance

The stock has a fifty day moving average of $0.89 and a 200 day moving average of $1.04. The firm has a market capitalization of $63.90 million, a P/E ratio of -0.71 and a beta of 0.24.

Institutional Investors Weigh In On IO Biotech

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

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.