Short Interest in IO Biotech, Inc. (NASDAQ:IOBT) Expands By 74.8%

IO Biotech, Inc. (NASDAQ:IOBT) was the recipient of a large increase in short interest in the month of 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 presently 0.1 days. Approximately 7.7% of the company’s shares are sold short. Approximately 7.7% of the company’s shares are sold short. Based on an average trading volume of 53,686,494 shares, the short-interest ratio is presently 0.1 days.

Wall Street Analyst Weigh In

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

Institutional Investors Weigh In On IO Biotech

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

IO Biotech Stock Up 4.0%

Shares of IOBT traded up $0.01 during trading hours on Friday, reaching $0.37. The stock had a trading volume of 1,470,620 shares, compared to its average volume of 19,166,725. IO Biotech has a 12 month low of $0.21 and a 12 month high of $2.79. The firm has a 50-day simple moving average of $0.54 and a 200 day simple moving average of $1.00. The company has a current ratio of 2.01, a quick ratio of 2.01 and a debt-to-equity ratio of 18.29. The company has a market capitalization of $26.59 million, a price-to-earnings ratio of -0.27 and a beta of 0.46.

IO Biotech (NASDAQ:IOBT) last announced its quarterly earnings results on Friday, November 14th. The company reported ($0.28) EPS for the quarter, beating analysts’ consensus estimates of ($0.31) by $0.03. Equities research analysts predict that IO Biotech will post -1.35 earnings per share for the current fiscal year.

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.