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

IO Biotech, Inc. (NASDAQ:IOBT - Get Free Report) saw a significant growth in short interest during the month of March. As of March 15th, there was short interest totalling 50,000 shares, a growth of 54.8% from the February 28th total of 32,300 shares. Based on an average daily volume of 177,400 shares, the days-to-cover ratio is currently 0.3 days. Approximately 0.1% of the shares of the company are sold short.

Wall Street Analysts Forecast Growth

A number of equities analysts have commented on the company. HC Wainwright restated a "buy" rating and set a $12.00 price objective on shares of IO Biotech in a research note on Tuesday. Piper Sandler raised IO Biotech to a "strong-buy" rating in a research note on Wednesday, March 12th.

IO Biotech Trading Down 6.5 %

IOBT stock traded down $0.07 during midday trading on Thursday, hitting $1.00. The stock had a trading volume of 42,925 shares, compared to its average volume of 270,269. The business has a fifty day moving average price of $0.97 and a two-hundred day moving average price of $0.98. IO Biotech has a 1-year low of $0.66 and a 1-year high of $1.79. The firm has a market cap of $65.88 million, a P/E ratio of -0.73 and a beta of 0.22.

Institutional Inflows and Outflows

Several institutional investors have recently bought and sold shares of IOBT. XTX Topco Ltd bought a new stake in IO Biotech during the fourth quarter worth $26,000. Vontobel Holding Ltd. bought a new stake in shares of IO Biotech during the fourth quarter valued at about $30,000. Renaissance Technologies LLC lifted 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 worth $109,000 after purchasing an additional 21,800 shares in the last quarter. Citadel Advisors LLC purchased a new position in IO Biotech during the fourth quarter worth about $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. Institutional investors and hedge funds own 54.76% of the company's stock.

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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.