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

IO Biotech, Inc. (NASDAQ:IOBT) was the target of a significant decline in short interest in 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. Based on an average daily volume of 632,695 shares, the days-to-cover ratio is currently 5.0 days. Approximately 4.5% of the company’s stock are sold short. Approximately 4.5% of the company’s stock are sold short. Based on an average daily volume of 632,695 shares, the days-to-cover ratio is currently 5.0 days.

Institutional Inflows and Outflows

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

IO Biotech Stock Performance

Shares of IOBT traded down $0.03 during mid-day trading on Friday, hitting $0.19. The stock had a trading volume of 3,880,390 shares, compared to its average volume of 1,315,846. 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 business has a fifty day moving average price of $0.38 and a 200-day moving average price of $0.76. IO Biotech has a 52 week low of $0.19 and a 52 week high of $2.79.

Analyst Upgrades and Downgrades

A number of brokerages recently commented on IOBT. 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 report on Monday, December 29th. Piper Sandler downgraded shares of IO Biotech from an “overweight” rating to a “neutral” rating in a research note on Friday, January 23rd. Finally, Morgan Stanley cut shares of IO Biotech from an “equal weight” rating to an “underweight” rating in a report on Thursday, January 8th. Three investment analysts have rated the stock with a Hold rating and two have assigned a Sell rating to the stock. According to MarketBeat, the stock has a consensus rating of “Reduce” and a consensus price target of $6.33.

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.