Iambic Therapeutics (NASDAQ:IAM) Shares Gap Up – Here’s Why

Iambic Therapeutics, Inc. (NASDAQ:IAM) gapped up prior to trading on Tuesday. The stock had previously closed at $13.38, but opened at $14.47. Iambic Therapeutics shares last traded at $13.54, with a volume of 200,498 shares changing hands.

Analysts Set New Price Targets

IAM has been the subject of several research reports. Jefferies Financial Group initiated coverage on shares of Iambic Therapeutics in a research note on Tuesday. They set a “buy” rating and a $35.00 price objective for the company. Zacks Research started coverage on shares of Iambic Therapeutics in a report on Tuesday. They set a “hold” rating on the stock. JPMorgan Chase & Co. assumed coverage on shares of Iambic Therapeutics in a research report on Monday. They set an “overweight” rating and a $22.00 price target for the company. Wall Street Zen upgraded Iambic Therapeutics to a “hold” rating in a report on Saturday, November 7th. Finally, Bank of America started coverage on Iambic Therapeutics in a report on Monday. They issued a “buy” rating and a $30.00 price target for the company. Four equities research analysts have rated the stock with a Buy rating and one has assigned a Hold rating to the company’s stock. Based on data from MarketBeat, Iambic Therapeutics currently has an average rating of “Moderate Buy” and an average target price of $27.25.

Iambic Therapeutics Trading Up 4.1%

Insider Activity at Iambic Therapeutics

In other Iambic Therapeutics news, Director Evan Lockwood Rachlin acquired 718,750 shares of the company’s stock in a transaction on Friday, October 16th. The shares were bought at an average cost of $16.00 per share, for a total transaction of $11,500,000.00. Following the acquisition, the director directly owned 2,588,248 shares of the company’s stock, valued at $41,411,968. This trade represents a 38.45% increase in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Company insiders own 22.90% of the company’s stock.

Iambic Therapeutics Company Profile

Iambic Therapeutics is a biotechnology company that uses artificial intelligence and computational methods to discover and develop medicines. Its approach combines machine-learning tools with laboratory research to identify potential drug candidates and guide their design. The company’s pipeline includes IAM1363, an investigational, brain-penetrant HER2 inhibitor being developed for cancers driven by HER2, including cancers that may spread to the brain. Iambic’s broader work focuses on advancing drug candidates generated through its technology platform.