Iambic Therapeutics, Inc. (NASDAQ:IAM) Sees Significant Growth in Short Interest

Iambic Therapeutics, Inc. (NASDAQ:IAM) was the recipient of a significant growth in short interest during the month of October. As of October 30th, there was short interest totaling 1,062,517 shares. Currently, 2.2% of the shares of the stock are sold short. Based on an average trading volume of 907,012 shares, the short-interest ratio is currently 1.2 days.

Iambic Therapeutics Price Performance

Shares of IAM traded down $1.74 during mid-day trading on Friday, hitting $13.10. 277,981 shares of the company’s stock were exchanged, compared to its average volume of 757,415. Iambic Therapeutics has a fifty-two week low of $9.60 and a fifty-two week high of $25.00.

Wall Street Analysts Forecast Growth

A number of equities analysts recently weighed in on the stock. Jefferies Financial Group started coverage on shares of Iambic Therapeutics in a research report on Tuesday, November 10th. They set a “buy” rating and a $35.00 price objective for the company. Zacks Research assumed coverage on Iambic Therapeutics in a research report on Tuesday, November 10th. They issued a “hold” rating on the stock. JPMorgan Chase & Co. initiated coverage on Iambic Therapeutics in a research note on Monday, November 9th. They set an “overweight” rating and a $22.00 price target on the stock. Bank of America initiated coverage on Iambic Therapeutics in a research report on Monday, November 9th. They set a “buy” rating and a $30.00 price target for the company. Finally, Citigroup started coverage on Iambic Therapeutics in a research note on Monday, November 9th. They issued a “buy” rating and a $22.00 price objective for the company. Four research analysts have rated the stock with a Buy rating and one has assigned a Hold rating to the stock. According to data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average target price of $27.25.

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 that occurred on Friday, October 16th. The stock was bought at an average price of $16.00 per share, with a total value of $11,500,000.00. Following the purchase, the director owned 2,588,248 shares in the company, valued at approximately $41,411,968. The trade was a 38.45% increase in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Insiders own 22.90% of the company’s stock.

About Iambic Therapeutics

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.