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

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

Wall Street Analysts Forecast Growth

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

IO Biotech Trading Down 13.7%

NASDAQ:IOBT traded down $0.03 during midday trading on Friday, reaching $0.19. 3,880,390 shares of the stock traded hands, compared to its average volume of 1,061,042. The stock has a market capitalization of $13.78 million, a P/E ratio of -0.14 and a beta of 0.43. The company has a debt-to-equity ratio of 18.29, a quick ratio of 2.01 and a current ratio of 2.01. The company has a fifty day moving average of $0.38 and a 200 day moving average of $0.76. IO Biotech has a 12 month low of $0.19 and a 12 month high of $2.79.

Institutional Trading of IO Biotech

A number of institutional investors have recently modified their holdings of the company. Millennium Management LLC bought a new position in IO Biotech during the 3rd quarter valued at approximately $506,000. Boothbay Fund Management LLC purchased a new stake in IO Biotech in the third quarter worth about $215,000. Beacon Pointe Advisors LLC purchased a new stake in IO Biotech in the fourth quarter worth about $308,000. Marex Group plc bought a new stake in IO Biotech during the 2nd quarter valued at approximately $63,000. Finally, NewEdge Advisors LLC purchased a new position in shares of IO Biotech during the 2nd quarter worth approximately $34,000. 54.76% of the stock is currently owned by hedge funds and other institutional investors.

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.