IO Biotech, Inc. (NASDAQ:IOBT) Short Interest Down 25.2% in February

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

IO Biotech Stock Performance

Shares of NASDAQ IOBT traded down $0.02 during midday trading on Monday, reaching $0.18. 5,568,463 shares of the company were exchanged, compared to its average volume of 12,138,445. The stock has a market cap of $12.66 million, a P/E ratio of -0.13 and a beta of 0.43. IO Biotech has a 1 year low of $0.14 and a 1 year high of $2.79. The stock has a fifty day simple moving average of $0.38 and a 200 day simple moving average of $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.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently modified their holdings of IOBT. Jane Street Group LLC acquired a new position in shares of IO Biotech in the first quarter valued at approximately $26,000. NewEdge Advisors LLC acquired a new stake in shares of IO Biotech during the second quarter worth $34,000. Marex Group plc acquired a new stake in shares of IO Biotech during the second quarter worth $63,000. Beacon Pointe Advisors LLC purchased a new position in IO Biotech in the 4th quarter valued at $308,000. Finally, Boothbay Fund Management LLC purchased a new position in IO Biotech in the 3rd quarter valued at $215,000. 54.76% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

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

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.