Short Interest in IO Biotech, Inc. (NASDAQ:IOBT) Increases By 52.6%

IO Biotech, Inc. (NASDAQ:IOBT - Get Free Report) was the recipient of a significant growth in short interest in the month of May. As of May 15th, there was short interest totalling 167,500 shares, a growth of 52.6% from the April 30th total of 109,800 shares. Based on an average daily trading volume, of 161,500 shares, the days-to-cover ratio is presently 1.0 days. Currently, 0.4% of the company's shares are short sold.

Hedge Funds Weigh In On IO Biotech

Large investors have recently modified their holdings of the company. Renaissance Technologies LLC raised its holdings in shares of 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 during the period. Landscape Capital Management L.L.C. purchased a new position in shares of IO Biotech in the 4th quarter worth about $407,000. Dauntless Investment Group LLC purchased a new position in shares of IO Biotech in the 4th quarter worth about $688,000. Vontobel Holding Ltd. purchased a new position in shares of IO Biotech in the 4th quarter worth about $30,000. Finally, XTX Topco Ltd purchased a new position in shares of IO Biotech in the 4th quarter worth about $26,000. 54.76% of the stock is currently owned by hedge funds and other institutional investors.

IO Biotech Trading Up 3.1%

Shares of IO Biotech stock traded up $0.05 during trading hours on Thursday, reaching $1.50. The stock had a trading volume of 111,183 shares, compared to its average volume of 279,448. The firm has a 50 day simple moving average of $1.03 and a two-hundred day simple moving average of $0.95. The firm has a market capitalization of $98.49 million, a price-to-earnings ratio of -1.09 and a beta of 0.09. IO Biotech has a 1 year low of $0.66 and a 1 year high of $1.73.

Analyst Ratings Changes

Several equities analysts recently weighed in on the company. Piper Sandler upgraded IO Biotech to a "strong-buy" rating in a research report on Wednesday, March 12th. HC Wainwright reiterated a "buy" rating on shares of IO Biotech in a research report on Wednesday, May 14th.

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.