IO Biotech, Inc. (NASDAQ:IOBT) Short Interest Update

IO Biotech, Inc. (NASDAQ:IOBT) saw a large growth in short interest during the month of February. As of February 29th, there was short interest totalling 54,300 shares, a growth of 10.4% from the February 14th total of 49,200 shares. Currently, 0.1% of the shares of the stock are short sold. Based on an average daily volume of 148,200 shares, the days-to-cover ratio is currently 0.4 days.

Insider Activity at IO Biotech

In other news, major shareholder Holdings A/S Novo sold 658,809 shares of the business’s stock in a transaction dated Friday, February 9th. The stock was sold at an average price of $1.50, for a total transaction of $988,213.50. Following the sale, the insider now directly owns 5,088,258 shares in the company, valued at $7,632,387. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. 3.50% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

A number of hedge funds have recently made changes to their positions in the business. Armistice Capital LLC bought a new position in shares of IO Biotech in the third quarter valued at approximately $3,029,000. Vivo Capital LLC lifted its stake in IO Biotech by 104.7% during the 3rd quarter. Vivo Capital LLC now owns 6,173,439 shares of the company’s stock valued at $8,705,000 after acquiring an additional 3,157,894 shares in the last quarter. Stonepine Capital Management LLC purchased a new position in IO Biotech during the 3rd quarter worth $2,785,000. Pivotal bioVenture Partners Investment Advisor LLC purchased a new stake in IO Biotech in the 3rd quarter valued at about $1,219,000. Finally, Two Sigma Securities LLC bought a new position in shares of IO Biotech during the 2nd quarter worth approximately $25,000.

IO Biotech Stock Performance

Shares of IOBT opened at $1.58 on Tuesday. The stock has a 50-day moving average of $1.73 and a 200-day moving average of $1.46. IO Biotech has a one year low of $0.82 and a one year high of $2.64.

Analysts Set New Price Targets

Separately, HC Wainwright restated a “buy” rating and set a $8.00 price objective on shares of IO Biotech in a research report on Wednesday, March 6th.

About IO Biotech

IO Biotech, Inc, a clinical-stage biopharmaceutical company, develops immune-modulating cancer therapies based on the T-win technology platform. The company's lead product candidate, IO102-IO103, which is designed to target immunosuppressive proteins, such as 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 1 clinical trial to treat lung, head and neck, bladder, and melanoma cancer.