IO Biotech, Inc. (NASDAQ:IOBT) Short Interest Down 35.0% in May

IO Biotech, Inc. (NASDAQ:IOBT) was the recipient of a large drop in short interest in 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. Approximately 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 currently 0.6 days.

Hedge Funds Weigh In On IO Biotech

Several institutional investors and hedge funds have recently modified their holdings of the company. Jane Street Group LLC purchased a new position in IO Biotech during the first quarter worth approximately $26,000. XTX Topco Ltd increased its position in shares of IO Biotech by 80.0% in the first quarter. XTX Topco Ltd now owns 50,486 shares of the company’s stock worth $55,000 after acquiring an additional 22,446 shares in the last quarter. Citadel Advisors LLC acquired a new stake in shares of IO Biotech in the fourth quarter worth $249,000. Dauntless Investment Group LLC acquired a new stake in shares of IO Biotech in the fourth quarter worth $688,000. Finally, Renaissance Technologies LLC increased its position in shares of IO Biotech by 22.5% in the fourth quarter. Renaissance Technologies LLC now owns 118,800 shares of the company’s stock worth $109,000 after acquiring an additional 21,800 shares in the last quarter. Hedge funds and other institutional investors own 54.76% of the company’s stock.

Wall Street Analyst Weigh In

Several equities analysts have commented on the stock. Wall Street Zen raised shares of IO Biotech to a “sell” rating in a research report on Saturday. HC Wainwright reissued a “buy” rating on shares of IO Biotech in a research report on Wednesday, May 14th. Finally, Piper Sandler raised shares of IO Biotech to a “strong-buy” rating in a research report on Wednesday, March 12th.

IO Biotech Stock Down 2.2%

Shares of IO Biotech stock opened at $1.32 on Tuesday. IO Biotech has a 52-week low of $0.66 and a 52-week high of $1.73. The company’s 50-day simple moving average is $1.11 and its 200-day simple moving average is $0.99. The firm has a market cap of $86.96 million, a price-to-earnings ratio of -0.96 and a beta of 0.36.

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.