IO Biotech, Inc. (NASDAQ:IOBT) Short Interest Down 23.7% in March

IO Biotech, Inc. (NASDAQ:IOBT) was the target of a significant drop in short interest during the month of March. As of March 31st, there was short interest totaling 2,152,443 shares, a drop of 23.7% from the March 15th total of 2,820,245 shares. Based on an average trading volume of 7,052,207 shares, the short-interest ratio is currently 0.3 days. Approximately 3.1% of the shares of the stock are short sold.

Analyst Upgrades and Downgrades

A number of equities research analysts have recently weighed in on IOBT shares. Wall Street Zen upgraded shares of IO Biotech from a “sell” rating to a “hold” rating in a report on Saturday, January 10th. Morgan Stanley lowered shares of IO Biotech from an “equal weight” rating to an “underweight” rating in a 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. Finally, Piper Sandler lowered shares of IO Biotech from an “overweight” rating to a “neutral” rating in a research report on Friday, January 23rd. Three research analysts have rated the stock with a Hold rating and two have assigned a Sell rating to the stock. According to data from MarketBeat, the stock has a consensus rating of “Reduce” and an average target price of $3.50.

Institutional Investors Weigh In On IO Biotech

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in IOBT. Beacon Pointe Advisors LLC bought a new stake in IO Biotech in the 4th quarter worth $308,000. Millennium Management LLC bought a new position in shares of IO Biotech during the third quarter valued at about $506,000. Boothbay Fund Management LLC purchased a new stake in shares of IO Biotech during the third quarter worth about $215,000. Marex Group plc purchased a new stake in shares of IO Biotech during the second quarter worth about $63,000. Finally, NewEdge Advisors LLC bought a new stake in shares of IO Biotech in the second quarter worth about $34,000. 54.76% of the stock is currently owned by institutional investors.

IO Biotech Stock Performance

Shares of IOBT stock opened at $0.05 on Wednesday. The company has a market capitalization of $3.45 million, a P/E ratio of -0.04 and a beta of 0.88. IO Biotech has a fifty-two week low of $0.03 and a fifty-two week high of $2.79. The company has a debt-to-equity ratio of 18.29, a quick ratio of 2.01 and a current ratio of 2.01. The stock has a 50 day moving average price of $0.23 and a two-hundred day moving average price of $0.51.

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.