IO Biotech, Inc. (NASDAQ:IOBT) Short Interest Down 20.9% in February

IO Biotech, Inc. (NASDAQ:IOBT) was the target of a significant drop in short interest in February. As of February 13th, there was short interest totaling 4,262,939 shares, a drop of 20.9% from the January 29th total of 5,390,908 shares. Based on an average daily trading volume, of 2,715,425 shares, the days-to-cover ratio is presently 1.6 days. Currently, 6.1% of the company’s stock are sold short. Currently, 6.1% of the company’s stock are sold short. Based on an average daily trading volume, of 2,715,425 shares, the days-to-cover ratio is presently 1.6 days.

Hedge Funds Weigh In On IO Biotech

Several institutional investors have recently made changes to their positions in the stock. Jane Street Group LLC acquired a new position in IO Biotech during the 1st quarter valued at approximately $26,000. NewEdge Advisors LLC acquired a new stake in IO Biotech in the second quarter worth $34,000. Marex Group plc bought a new stake in IO Biotech in the second quarter valued at $63,000. Boothbay Fund Management LLC acquired a new position in shares of IO Biotech during the third quarter valued at $215,000. Finally, Beacon Pointe Advisors LLC acquired a new position in shares of IO Biotech during the fourth quarter valued at $308,000. 54.76% of the stock is owned by institutional investors.

IO Biotech Trading Down 2.8%

NASDAQ IOBT opened at $0.35 on Monday. The company has a debt-to-equity ratio of 18.29, a quick ratio of 2.01 and a current ratio of 2.01. IO Biotech has a one year low of $0.21 and a one year high of $2.79. The company has a 50-day simple moving average of $0.46 and a 200-day simple moving average of $0.86. The firm has a market capitalization of $25.11 million, a PE ratio of -0.26 and a beta of 0.42.

Wall Street Analyst Weigh In

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