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

IO Biotech, Inc. (NASDAQ:IOBT - Get Free Report) saw a large drop in short interest during the month of May. As of May 31st, there was short interest totalling 108,800 shares, a drop of 35.0% from the May 15th total of 167,500 shares. Currently, 0.2% of the company's shares are short sold. Based on an average daily volume of 178,100 shares, the short-interest ratio is presently 0.6 days.

Analyst Upgrades and Downgrades

IOBT has been the topic of a number of research analyst reports. Piper Sandler upgraded IO Biotech to a "strong-buy" rating in a report on Wednesday, March 12th. HC Wainwright restated a "buy" rating on shares of IO Biotech in a research note on Wednesday, May 14th. Finally, Wall Street Zen raised IO Biotech to a "sell" rating in a research report on Saturday, June 14th.

IO Biotech Stock Performance

Shares of NASDAQ IOBT traded down $0.01 during midday trading on Friday, hitting $1.30. 53,272 shares of the stock traded hands, compared to its average volume of 160,935. The firm has a market capitalization of $85.32 million, a P/E ratio of -0.95 and a beta of 0.36. IO Biotech has a one year low of $0.66 and a one year high of $1.73. The firm has a 50-day moving average of $1.14 and a two-hundred day moving average of $0.99.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently bought and sold shares of the company. Citadel Advisors LLC bought a new position in shares of IO Biotech in the 4th quarter worth approximately $249,000. Renaissance Technologies LLC increased its holdings in IO Biotech by 22.5% during the fourth quarter. Renaissance Technologies LLC now owns 118,800 shares of the company's stock valued at $109,000 after buying an additional 21,800 shares during the last quarter. Landscape Capital Management L.L.C. purchased a new stake in IO Biotech during the fourth quarter valued at approximately $407,000. Dauntless Investment Group LLC bought a new position in IO Biotech in the fourth quarter worth approximately $688,000. Finally, Vontobel Holding Ltd. purchased a new position in shares of IO Biotech during the 4th quarter worth $30,000. 54.76% of the stock is owned by hedge funds and other institutional investors.

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.