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

IO Biotech, Inc. (NASDAQ:IOBT) saw a large drop in short interest in the month of February. As of February 27th, there was short interest totaling 3,187,932 shares, a drop of 25.2% from the February 12th total of 4,262,939 shares. Currently, 4.5% of the company’s stock are short sold. Based on an average daily volume of 632,695 shares, the days-to-cover ratio is presently 5.0 days. Based on an average daily volume of 632,695 shares, the days-to-cover ratio is presently 5.0 days. Currently, 4.5% of the company’s stock are short sold.

Analyst Upgrades and Downgrades

Several equities research analysts recently weighed in on the company. Weiss Ratings reaffirmed a “sell (e+)” rating on shares of IO Biotech in a research note on Monday, December 29th. Wall Street Zen raised IO Biotech from a “sell” rating to a “hold” rating in a research report on Saturday, January 10th. Piper Sandler cut shares of IO Biotech from an “overweight” rating to a “neutral” rating in a report on Friday, January 23rd. Finally, Morgan Stanley downgraded shares of IO Biotech from an “equal weight” rating to an “underweight” rating in a research report on Thursday, January 8th. Three research analysts have rated the stock with a Hold rating and two have given a Sell rating to the stock. According to MarketBeat, the stock currently has an average rating of “Reduce” and a consensus target price of $6.33.

Institutional Trading of IO Biotech

Institutional investors and hedge funds have recently bought and sold shares of the company. Millennium Management LLC purchased a new position in IO Biotech in the third quarter worth about $506,000. Boothbay Fund Management LLC bought a new position in shares of IO Biotech in the third quarter worth approximately $215,000. Beacon Pointe Advisors LLC purchased a new stake in shares of IO Biotech during the fourth quarter valued at approximately $308,000. Marex Group plc bought a new stake in shares of IO Biotech during the second quarter valued at approximately $63,000. Finally, NewEdge Advisors LLC bought a new stake in shares of IO Biotech during the second quarter valued at approximately $34,000. 54.76% of the stock is currently owned by institutional investors.

IO Biotech Stock Down 13.7%

IO Biotech stock traded down $0.03 during mid-day trading on Friday, hitting $0.19. The company had a trading volume of 3,880,390 shares, compared to its average volume of 1,061,042. IO Biotech has a 12 month low of $0.19 and a 12 month high of $2.79. The company has a market capitalization of $13.78 million, a PE ratio of -0.14 and a beta of 0.43. The stock’s 50 day moving average price is $0.38 and its two-hundred day moving average price is $0.76. The company has a current ratio of 2.01, a quick ratio of 2.01 and a debt-to-equity ratio of 18.29.

IO Biotech Company Profile

IO Biotech ApS is a clinical-stage biotechnology company headquartered in Copenhagen, Denmark, specializing in the development of novel immuno-oncology therapies. The company’s proprietary platform focuses on activating and sustaining anti-tumor immune responses by targeting the PD-L1 immune checkpoint. IO Biotech’s lead candidate, IO-VAC(R), is a peptide-based cancer vaccine designed to induce durable T-cell responses against PD-L1–expressing tumors.

Since its founding in 2013, IO Biotech has advanced IO-VAC(R) into multiple clinical trials, including Phase II studies in patients with metastatic melanoma.