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

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

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently bought and sold shares of IOBT. Jane Street Group LLC acquired a new position in IO Biotech in the first quarter valued at about $26,000. NewEdge Advisors LLC acquired a new position in IO Biotech during the second quarter worth approximately $34,000. Marex Group plc acquired a new stake in IO Biotech during the 2nd quarter valued at $63,000. Boothbay Fund Management LLC bought a new stake in shares of IO Biotech during the 3rd quarter worth about $215,000. Finally, Millennium Management LLC acquired a new position in shares of IO Biotech in the third quarter valued at approximately $506,000. Institutional investors own 54.76% of the company’s stock.

Analysts Set New Price Targets

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

IO Biotech Stock Performance

Shares of IOBT traded down $0.01 during trading hours on Monday, reaching $0.28. 1,679,406 shares of the company traded hands, compared to its average volume of 26,162,070. IO Biotech has a 1-year low of $0.21 and a 1-year high of $2.79. The stock has a market cap of $20.00 million, a P/E ratio of -0.21 and a beta of 0.47. The stock’s fifty day moving average is $0.60 and its 200 day moving average is $1.08. 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 (NASDAQ:IOBT) last released its quarterly earnings data on Friday, November 14th. The company reported ($0.28) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.31) by $0.03. Equities research analysts anticipate that IO Biotech will post -1.35 earnings per share for the current fiscal year.

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.