Iambic Therapeutics (NASDAQ:IAM) Shares Down 4.7% – Here’s What Happened

Iambic Therapeutics, Inc. (NASDAQ:IAM) shares traded down 4.7% during mid-day trading on Wednesday. The stock traded as low as $13.96 and last traded at $14.09. Approximately 63,777 shares traded hands during mid-day trading, a decline of 92% from the average daily volume of 754,639 shares. The stock had previously closed at $14.78.

Analysts Set New Price Targets

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

Iambic Therapeutics Price Performance

Insiders Place Their Bets

In other news, Director Evan Lockwood Rachlin purchased 718,750 shares of the company’s stock in a transaction that occurred 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 completion of the transaction, 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 position. The acquisition was disclosed in a document filed with the SEC, which can be accessed through the SEC website.

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.