IO Biotech, Inc. (NASDAQ:IOBT) Short Interest Update

IO Biotech, Inc. (NASDAQ:IOBT) was the recipient of a significant drop in short interest in the month of December. As of December 15th, there was short interest totaling 2,015,986 shares, a drop of 29.2% from the November 30th total of 2,846,392 shares. Based on an average trading volume of 934,740 shares, the short-interest ratio is currently 2.2 days. Approximately 2.9% of the shares of the company are short sold. Approximately 2.9% of the shares of the company are short sold. Based on an average trading volume of 934,740 shares, the short-interest ratio is currently 2.2 days.

Institutional Investors Weigh In On IO Biotech

A number of large investors have recently added to or reduced their stakes in IOBT. Millennium Management LLC bought a new stake in IO Biotech during the third quarter worth about $506,000. Boothbay Fund Management LLC bought a new stake in IO Biotech in the 3rd quarter worth approximately $215,000. Marex Group plc purchased a new stake in IO Biotech in the second quarter worth approximately $63,000. NewEdge Advisors LLC bought a new position in IO Biotech during 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 worth approximately $26,000. Hedge funds and other institutional investors own 54.76% of the company’s stock.

IO Biotech Price Performance

Shares of NASDAQ IOBT traded up $0.03 during midday trading on Wednesday, hitting $0.61. 990,452 shares of the company’s stock were exchanged, compared to its average volume of 1,838,633. 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 business’s fifty day moving average price is $0.79 and its two-hundred day moving average price is $1.25. The company has a market cap of $43.81 million, a price-to-earnings ratio of -0.45 and a beta of 0.47. IO Biotech has a 12-month low of $0.32 and a 12-month high of $2.79.

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

Analyst Upgrades and Downgrades

A number of brokerages recently issued reports on IOBT. Weiss Ratings reissued a “sell (e+)” rating on shares of IO Biotech in a report on Monday. Wall Street Zen cut IO Biotech from a “hold” rating to a “sell” rating in a research report on Monday. TD Cowen reissued a “hold” rating on shares of IO Biotech in a report on Tuesday, September 30th. HC Wainwright lowered shares of IO Biotech from a “buy” rating to a “neutral” rating in a research report on Monday, September 29th. Finally, Piper Sandler decreased their target price on shares of IO Biotech from $10.00 to $3.00 and set an “overweight” rating on the stock in a report on Wednesday, October 22nd. One equities research analyst has rated the stock with a Buy rating, four have assigned a Hold rating and one has issued a Sell rating to the company. According to MarketBeat, the company has an average rating of “Hold” and a consensus price target 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.