IO Biotech (NASDAQ:IOBT) Stock Price Up 4.2% – Should You Buy?

IO Biotech, Inc. (NASDAQ:IOBT)’s share price rose 4.2% during mid-day trading on Tuesday . The company traded as high as $0.97 and last traded at $0.97. Approximately 143,772 shares changed hands during mid-day trading, an increase of 15% from the average daily volume of 124,922 shares. The stock had previously closed at $0.93.

Wall Street Analysts Forecast Growth

Separately, HC Wainwright reaffirmed a “buy” rating and set a $12.00 price objective on shares of IO Biotech in a research note on Tuesday, November 12th.

IO Biotech Price Performance

The company has a 50 day moving average of $0.89 and a 200-day moving average of $1.04. The company has a market cap of $63.90 million, a P/E ratio of -0.71 and a beta of 0.24.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently modified their holdings of the business. Renaissance Technologies LLC raised its stake in IO Biotech by 22.5% in the fourth quarter. Renaissance Technologies LLC now owns 118,800 shares of the company’s stock valued at $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. Vontobel Holding Ltd. bought a new position in shares of IO Biotech in the 4th quarter worth $30,000. Citadel Advisors LLC purchased a new stake in shares of IO Biotech during the 4th quarter valued at $249,000. Finally, Landscape Capital Management L.L.C. bought a new stake in shares of IO Biotech during the 4th quarter worth $407,000. Hedge funds and other institutional investors own 54.76% of the company’s stock.

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.