Short Interest in IO Biotech, Inc. (NASDAQ:IOBT) Drops By 23.7%
by Amy Steele · The Cerbat GemIO Biotech, Inc. (NASDAQ:IOBT – Get Free Report) was the recipient of a significant 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. Approximately 3.1% of the company’s stock are short sold. Based on an average trading volume of 7,052,207 shares, the short-interest ratio is currently 0.3 days.
IO Biotech Price Performance
Shares of NASDAQ:IOBT remained flat at $0.05 on Thursday. The firm has a market cap of $3.45 million, a price-to-earnings ratio of -0.04 and a beta of 0.88. IO Biotech has a 1-year low of $0.03 and a 1-year high of $2.79. The company has a fifty day simple moving average of $0.22 and a two-hundred day simple moving average of $0.50. The company has a quick ratio of 2.01, a current ratio of 2.01 and a debt-to-equity ratio of 18.29.
Wall Street Analyst Weigh In
A number of analysts have weighed in on IOBT shares. 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 report on Friday, March 27th. Wall Street Zen raised shares of IO Biotech from a “sell” rating to a “hold” rating in a report on Saturday, January 10th. Finally, Morgan Stanley cut shares of IO Biotech from an “equal weight” rating to an “underweight” rating in a report on Thursday, January 8th. Three research analysts have rated the stock with a Hold rating and two have issued a Sell rating to the company. According to MarketBeat, the company has an average rating of “Reduce” and an average target price of $3.50.
Read Our Latest Report on IOBT
Institutional Trading of IO Biotech
A number of large investors have recently modified their holdings of IOBT. Millennium Management LLC acquired a new stake in shares of IO Biotech in the 3rd quarter worth about $506,000. Boothbay Fund Management LLC acquired a new stake in shares of IO Biotech in the 3rd quarter worth about $215,000. Beacon Pointe Advisors LLC acquired a new stake in shares of IO Biotech in the 4th quarter worth about $308,000. Marex Group plc acquired a new stake in shares of IO Biotech in the 2nd quarter worth about $63,000. Finally, NewEdge Advisors LLC acquired a new stake in shares of IO Biotech in the 2nd quarter worth about $34,000. Institutional investors and hedge funds own 54.76% of the company’s stock.
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.