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

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

Analyst Upgrades and Downgrades

A number of research firms have issued reports on IOBT. HC Wainwright restated a “buy” rating on shares of IO Biotech in a report on Wednesday, May 14th. Piper Sandler upgraded IO Biotech to a “strong-buy” rating in a report on Wednesday, March 12th. Finally, Wall Street Zen upgraded IO Biotech to a “sell” rating in a report on Saturday, June 14th.

IO Biotech Stock Down 1.5%

Shares of IOBT opened at $1.30 on Thursday. IO Biotech has a 12-month low of $0.66 and a 12-month high of $1.73. The business’s fifty day moving average is $1.13 and its 200 day moving average is $0.99. The stock has a market cap of $85.64 million, a P/E ratio of -0.95 and a beta of 0.36.

Hedge Funds Weigh In On IO Biotech

A number of large investors have recently modified their holdings of IOBT. Vontobel Holding Ltd. bought a new position in shares of IO Biotech in the 4th quarter worth $30,000. Landscape Capital Management L.L.C. bought a new position in shares of IO Biotech in the 4th quarter worth $407,000. Renaissance Technologies LLC lifted 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 in the last quarter. XTX Topco Ltd bought a new position in shares of IO Biotech in the 4th quarter worth $26,000. Finally, Dauntless Investment Group LLC bought a new position in shares of IO Biotech in the 4th quarter worth $688,000. 54.76% of the stock is currently owned by institutional investors.

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.