IO Biotech (NASDAQ:IOBT) Stock Price Up 4.2% - Here's Why

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

Wall Street Analyst Weigh In

Separately, HC Wainwright reissued a "buy" rating and issued a $12.00 price target on shares of IO Biotech in a report on Tuesday, November 12th.

IO Biotech Stock Performance

The firm has a 50 day simple moving average of $0.90 and a two-hundred day simple moving average of $1.04. The stock has a market cap of $72.47 million, a P/E ratio of -0.80 and a beta of 0.24.

Institutional Trading of IO Biotech

Several hedge funds have recently added to or reduced their stakes in IOBT. XTX Topco Ltd bought a new stake in IO Biotech during the 4th quarter valued at $26,000. Vontobel Holding Ltd. acquired a new position in shares of IO Biotech during the 4th quarter valued at $30,000. Renaissance Technologies LLC increased its position in shares of 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 purchasing an additional 21,800 shares during the period. Citadel Advisors LLC acquired a new position in shares of IO Biotech during the 4th quarter valued at $249,000. Finally, Landscape Capital Management L.L.C. acquired a new position in shares of IO Biotech during the 4th quarter valued at $407,000. Institutional investors own 54.76% of the company's stock.

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.