Short Interest in IO Biotech, Inc. (NASDAQ:IOBT) Decreases By 23.7%

IO Biotech, Inc. (NASDAQ:IOBT) was the target of a large decrease in short interest in March. As of March 31st, there was short interest totaling 2,152,443 shares, a decrease of 23.7% from the March 15th total of 2,820,245 shares. Based on an average daily volume of 7,052,207 shares, the days-to-cover ratio is presently 0.3 days. Currently, 3.1% of the shares of the stock are sold short.

Institutional Inflows and Outflows

Institutional investors have recently added to or reduced their stakes in the company. Jane Street Group LLC bought a new stake in IO Biotech during the first quarter worth about $26,000. NewEdge Advisors LLC bought a new position in shares of IO Biotech during the 2nd quarter valued at about $34,000. Marex Group plc bought a new position in shares of IO Biotech during the 2nd quarter valued at about $63,000. Boothbay Fund Management LLC purchased a new position in shares of IO Biotech during the 3rd quarter valued at about $215,000. Finally, Beacon Pointe Advisors LLC purchased a new position in shares of IO Biotech during the 4th quarter valued at about $308,000. Institutional investors own 54.76% of the company’s stock.

Analyst Upgrades and Downgrades

A number of research firms have recently commented on IOBT. Morgan Stanley lowered shares of IO Biotech from an “equal weight” rating to an “underweight” rating in a research report on Thursday, January 8th. Weiss Ratings reissued a “sell (e+)” rating on shares of IO Biotech in a research note on Friday, March 27th. Wall Street Zen upgraded IO Biotech from a “sell” rating to a “hold” rating in a research report on Saturday, January 10th. Finally, Piper Sandler lowered IO Biotech from an “overweight” rating to a “neutral” rating in a research note on Friday, January 23rd. Three research analysts have rated the stock with a Hold rating and two have issued a Sell rating to the company’s stock. According to MarketBeat.com, the stock has a consensus rating of “Reduce” and a consensus target price of $3.50.

IO Biotech Price Performance

IOBT stock opened at $0.05 on Wednesday. The firm has a 50 day simple moving average of $0.23 and a two-hundred day simple moving average of $0.51. The stock has a market cap of $3.45 million, a PE ratio of -0.04 and a beta of 0.88. IO Biotech has a one year low of $0.03 and a one year high of $2.79. The company has a debt-to-equity ratio of 18.29, a current ratio of 2.01 and a quick ratio of 2.01.

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.