Iambic Therapeutics (NASDAQ:IAM) Shares Gap Up – Still a Buy?

Iambic Therapeutics, Inc. (NASDAQ:IAM) shares gapped up before the market opened 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.

Analyst Upgrades and Downgrades

A number of research analysts recently issued reports on the stock. Wall Street Zen upgraded shares of Iambic Therapeutics to a “hold” rating in a research report on Saturday. JPMorgan Chase & Co. started coverage on shares of Iambic Therapeutics in a research note on Monday. They set an “overweight” rating and a $22.00 target price for the company. Bank of America assumed coverage on shares of Iambic Therapeutics in a report on Monday. They set a “buy” rating and a $30.00 target price for the company. Jefferies Financial Group started coverage on Iambic Therapeutics in a research report on Tuesday. They set a “buy” rating and a $35.00 price objective on the stock. Finally, Citigroup began coverage on shares of Iambic Therapeutics in a report on Monday. They issued a “buy” rating and a $22.00 target price on the stock. Four research analysts have rated the stock with a Buy rating. Based on data from MarketBeat.com, the stock presently has an average rating of “Buy” and a consensus target price of $27.25.

Iambic Therapeutics Stock Up 8.4%

Insider Activity

In related news, Director Evan Lockwood Rachlin bought 718,750 shares of the company’s stock in a transaction that occurred on Friday, October 16th. The shares were purchased at an average cost of $16.00 per share, with a total value of $11,500,000.00. Following the transaction, the director directly owned 2,588,248 shares of the company’s stock, valued at approximately $41,411,968. This represents a 38.45% increase in their position. The purchase was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Insiders own 22.90% of the company’s stock.

About Iambic Therapeutics