IO Biotech, Inc. (NASDAQ:IOBT) Sees Large Growth in Short Interest

IO Biotech, Inc. (NASDAQ:IOBT) was the recipient of a large increase in short interest in 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. Based on an average daily volume of 177,400 shares, the days-to-cover ratio is presently 0.3 days. Currently, 0.1% of the company’s stock are short sold.

Analysts Set New Price Targets

A number of research firms recently weighed in on IOBT. HC Wainwright reaffirmed a “buy” rating and set a $12.00 price objective on shares of IO Biotech in a research report on Wednesday, March 5th. Piper Sandler raised IO Biotech to a “strong-buy” rating in a research report on Wednesday, March 12th.

IO Biotech Stock Down 6.0 %

Shares of NASDAQ IOBT opened at $1.09 on Tuesday. The firm has a market cap of $71.81 million, a P/E ratio of -0.80 and a beta of 0.22. IO Biotech has a twelve month low of $0.66 and a twelve month high of $1.79. The company has a 50 day moving average of $0.96 and a 200 day moving average of $0.97.

Institutional Inflows and Outflows

Several hedge funds have recently modified their holdings of IOBT. Dauntless Investment Group LLC purchased a new position in IO Biotech in the 4th quarter worth about $688,000. Landscape Capital Management L.L.C. bought a new stake in shares of IO Biotech in the fourth quarter worth approximately $407,000. Citadel Advisors LLC bought a new stake in shares of IO Biotech in the fourth quarter worth approximately $249,000. Vontobel Holding Ltd. purchased a new position in shares of IO Biotech during the fourth quarter valued at approximately $30,000. Finally, XTX Topco Ltd bought a new position in IO Biotech during the fourth quarter valued at approximately $26,000. Hedge funds and other 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.