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

IO Biotech, Inc. (NASDAQ:IOBT) was the target of a significant drop in short interest in February. As of February 13th, there was short interest totaling 4,262,939 shares, a drop of 20.9% from the January 29th total of 5,390,908 shares. Approximately 6.1% of the company’s stock are sold short. Based on an average trading volume of 2,715,425 shares, the short-interest ratio is presently 1.6 days. Based on an average trading volume of 2,715,425 shares, the short-interest ratio is presently 1.6 days. Approximately 6.1% of the company’s stock are sold short.

Wall Street Analyst Weigh In

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

Hedge Funds Weigh In On IO Biotech

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

IO Biotech Stock Down 2.8%

Shares of IO Biotech stock opened at $0.35 on Monday. 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 has a twelve month low of $0.21 and a twelve month high of $2.79. The stock has a market cap of $25.11 million, a price-to-earnings ratio of -0.26 and a beta of 0.42. The company has a fifty day moving average price of $0.46 and a 200 day moving average price of $0.86.

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.