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

IO Biotech, Inc. (NASDAQ:IOBT) saw a large drop in short interest in 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. Based on an average trading volume of 178,100 shares, the short-interest ratio is presently 0.6 days. Currently, 0.2% of the company’s stock are sold short.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently added to or reduced their stakes in IOBT. Dauntless Investment Group LLC acquired a new stake in IO Biotech in the fourth quarter valued at approximately $688,000. Landscape Capital Management L.L.C. acquired a new stake in IO Biotech in the fourth quarter valued at approximately $407,000. Citadel Advisors LLC acquired a new stake in shares of IO Biotech in the fourth quarter worth $249,000. Vontobel Holding Ltd. acquired a new stake in shares of IO Biotech in the fourth quarter worth $30,000. Finally, XTX Topco Ltd acquired a new stake in shares of IO Biotech in the fourth quarter worth $26,000. 54.76% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

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

IO Biotech Price Performance

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

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.