IO Biotech, Inc. (NASDAQ:IOBT) Short Interest Up 47.2% in January

IO Biotech, Inc. (NASDAQ:IOBT) was the recipient of a large increase in short interest during the month of January. As of January 15th, there was short interest totaling 3,083,794 shares, an increase of 47.2% from the December 31st total of 2,094,316 shares. Based on an average daily trading volume, of 734,830 shares, the days-to-cover ratio is currently 4.2 days. Currently, 4.4% of the company’s stock are sold short. Currently, 4.4% of the company’s stock are sold short. Based on an average daily trading volume, of 734,830 shares, the days-to-cover ratio is currently 4.2 days.

IO Biotech Price Performance

Shares of NASDAQ IOBT opened at $0.29 on Friday. IO Biotech has a 52 week low of $0.21 and a 52 week high of $2.79. The business’s 50 day moving average price is $0.61 and its 200 day moving average price is $1.09. The company has a quick ratio of 2.01, a current ratio of 2.01 and a debt-to-equity ratio of 18.29. The firm has a market cap of $20.87 million, a P/E ratio of -0.21 and a beta of 0.48.

IO Biotech (NASDAQ:IOBT) last announced its quarterly earnings data on Friday, November 14th. The company reported ($0.28) EPS for the quarter, beating the consensus estimate of ($0.31) by $0.03. On average, sell-side analysts expect that IO Biotech will post -1.35 earnings per share for the current year.

Wall Street Analyst Weigh In

A number of brokerages have recently weighed in on IOBT. Weiss Ratings restated a “sell (e+)” rating on shares of IO Biotech in a research note on Monday, December 29th. Wall Street Zen raised shares of IO Biotech from a “sell” rating to a “hold” rating in a research report on Saturday, January 10th. Morgan Stanley lowered shares of IO Biotech from an “equal weight” rating to an “underweight” rating in a research note on Thursday, January 8th. Finally, Piper Sandler downgraded shares of IO Biotech from an “overweight” rating to a “neutral” rating in a research note 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. According to data from MarketBeat, the company currently has a consensus rating of “Reduce” and an average price target of $6.33.

Institutional Investors Weigh In On IO Biotech

Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Jane Street Group LLC purchased a new position in shares of IO Biotech during the 1st quarter valued at about $26,000. NewEdge Advisors LLC purchased a new stake in shares of IO Biotech in the second quarter worth about $34,000. Marex Group plc acquired a new stake in IO Biotech during the second quarter worth about $63,000. Boothbay Fund Management LLC purchased a new position in IO Biotech during the third quarter valued at approximately $215,000. Finally, Millennium Management LLC acquired a new position in IO Biotech in the third quarter valued at approximately $506,000. 54.76% of the stock is owned by institutional investors and hedge funds.

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.