IO Biotech, Inc. (NASDAQ:IOBT) Short Interest Up 54.8% in March

IO Biotech, Inc. (NASDAQ:IOBT) was the recipient of a large increase in short interest during the month of March. As of March 15th, there was short interest totalling 50,000 shares, an increase of 54.8% from the February 28th total of 32,300 shares. Currently, 0.1% of the company’s shares are short sold. Based on an average trading volume of 177,400 shares, the short-interest ratio is presently 0.3 days.

IO Biotech Stock Performance

IO Biotech stock remained flat at $1.16 during midday trading on Friday. 218,716 shares of the company were exchanged, compared to its average volume of 270,420. The stock has a 50-day simple moving average of $0.96 and a two-hundred day simple moving average of $0.97. IO Biotech has a 12 month low of $0.66 and a 12 month high of $1.79. The company has a market capitalization of $76.42 million, a price-to-earnings ratio of -0.85 and a beta of 0.22.

Hedge Funds Weigh In On IO Biotech

Several hedge funds have recently bought and sold shares of IOBT. Dauntless Investment Group LLC bought a new stake in shares of IO Biotech during the fourth quarter worth $688,000. Landscape Capital Management L.L.C. purchased a new position in IO Biotech in the 4th quarter worth about $407,000. Citadel Advisors LLC purchased a new position in IO Biotech in the 4th quarter worth about $249,000. Renaissance Technologies LLC lifted 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 buying an additional 21,800 shares in the last quarter. Finally, Vontobel Holding Ltd. purchased a new stake in IO Biotech in the 4th quarter valued at about $30,000. Institutional investors own 54.76% of the company’s stock.

Wall Street Analyst Weigh In

Several equities research analysts have weighed in on the company. Piper Sandler raised IO Biotech to a “strong-buy” rating in a research note on Wednesday, March 12th. HC Wainwright restated a “buy” rating and set a $12.00 price target on shares of IO Biotech in a report on Wednesday, March 5th.

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.