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

IO Biotech, Inc. (NASDAQ:IOBT - Get Free Report) was the recipient 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 company's stock are short sold. Based on an average daily volume of 170,300 shares, the short-interest ratio is presently 0.8 days.

Analyst Ratings Changes

Several equities research analysts have recently weighed in on the company. HC Wainwright reaffirmed a "buy" rating and issued a $12.00 target price on shares of IO Biotech in a research report on Tuesday, April 1st. Piper Sandler raised shares of IO Biotech to a "strong-buy" rating in a research report on Wednesday, March 12th.

IO Biotech Price Performance

IOBT traded down $0.03 on Friday, reaching $0.86. The company's stock had a trading volume of 41,254 shares, compared to its average volume of 274,054. IO Biotech has a 1 year low of $0.66 and a 1 year high of $1.79. The stock has a market cap of $56.66 million, a price-to-earnings ratio of -0.63 and a beta of 0.08. The business's 50 day moving average is $0.95 and its 200 day moving average is $0.96.

Institutional Inflows and Outflows

A number of large investors have recently added to or reduced their stakes in IOBT. XTX Topco Ltd bought a new position in shares of IO Biotech during the fourth quarter worth about $26,000. Vontobel Holding Ltd. acquired a new stake in shares of IO Biotech during the fourth quarter worth $30,000. Renaissance Technologies LLC lifted its holdings in IO Biotech by 22.5% in the fourth quarter. Renaissance Technologies LLC now owns 118,800 shares of the company's stock worth $109,000 after acquiring an additional 21,800 shares during the last quarter. Citadel Advisors LLC acquired a new position in IO Biotech during the 4th quarter valued at approximately $249,000. Finally, Landscape Capital Management L.L.C. bought a new position in IO Biotech during the 4th quarter worth $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.