IO Biotech, Inc. (NASDAQ:IOBT) Short Interest Up 74.8% in January

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

IO Biotech Stock Performance

IOBT stock traded up $0.01 during mid-day trading on Friday, hitting $0.37. The company had a trading volume of 1,470,620 shares, compared to its average volume of 19,166,725. 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 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. The stock’s fifty day moving average price is $0.54 and its two-hundred day moving average price is $1.00.

IO Biotech (NASDAQ:IOBT) last issued its quarterly earnings results 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, analysts forecast that IO Biotech will post -1.35 earnings per share for the current fiscal year.

Institutional Trading of IO Biotech

A number of large investors have recently bought and sold shares of the company. Jane Street Group LLC bought a new stake in shares of IO Biotech in the first quarter valued at $26,000. NewEdge Advisors LLC purchased a new stake in IO Biotech in the 2nd quarter worth about $34,000. Marex Group plc bought a new stake in IO Biotech in the 2nd quarter valued at about $63,000. Boothbay Fund Management LLC bought a new stake in IO Biotech in the 3rd quarter valued at about $215,000. Finally, Millennium Management LLC purchased a new stake in IO Biotech during the third quarter valued at about $506,000. 54.76% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

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