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

IO Biotech, Inc. (NASDAQ:IOBT) was the target of a large growth in short interest during the month of January. As of January 30th, there was short interest totaling 5,390,908 shares, a growth of 74.8% from the January 15th total of 3,083,794 shares. Currently, 7.7% of the shares of the stock are short sold. Based on an average daily trading volume, of 53,686,494 shares, the days-to-cover ratio is currently 0.1 days. Based on an average daily trading volume, of 53,686,494 shares, the days-to-cover ratio is currently 0.1 days. Currently, 7.7% of the shares of the stock are short sold.

Institutional Trading of IO Biotech

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Millennium Management LLC acquired a new position in shares of IO Biotech during the 3rd quarter valued at about $506,000. Boothbay Fund Management LLC purchased a new stake in IO Biotech in the third quarter valued at approximately $215,000. Marex Group plc acquired a new position in IO Biotech during the second quarter worth approximately $63,000. NewEdge Advisors LLC acquired a new position in IO Biotech during the second quarter worth approximately $34,000. Finally, Jane Street Group LLC purchased a new position in IO Biotech during the first quarter worth approximately $26,000. Hedge funds and other institutional investors own 54.76% of the company’s stock.

Wall Street Analysts Forecast Growth

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

IO Biotech Trading Up 4.0%

IOBT stock traded up $0.01 during midday trading on Friday, hitting $0.37. The stock had a trading volume of 1,470,620 shares, compared to its average volume of 28,303,788. The company’s 50-day moving average price is $0.53 and its 200 day moving average price is $0.98. The company has a debt-to-equity ratio of 18.29, a current ratio of 2.01 and a quick ratio of 2.01. The firm has a market cap of $26.59 million, a PE ratio of -0.27 and a beta of 0.46. IO Biotech has a 12-month low of $0.21 and a 12-month high of $2.79.

IO Biotech (NASDAQ:IOBT) last posted its quarterly earnings data on Friday, November 14th. The company reported ($0.28) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.31) by $0.03. On average, equities research analysts predict that IO Biotech will post -1.35 earnings per share for the current fiscal year.

About IO Biotech

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.