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

Iambic Therapeutics, Inc. (NASDAQ:IAM) saw a large increase in short interest in the month of October. As of October 30th, there was short interest totaling 1,062,517 shares. Based on an average daily volume of 907,012 shares, the days-to-cover ratio is currently 1.2 days. Approximately 2.2% of the company’s stock are sold short.

Insiders Place Their Bets

In related news, Director Evan Lockwood Rachlin purchased 718,750 shares of Iambic Therapeutics stock in a transaction on Friday, October 16th. The shares were bought at an average price 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 trade represents a 38.45% increase in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. 22.90% of the stock is currently owned by company insiders.

Wall Street Analyst Weigh In

A number of analysts recently weighed in on IAM shares. Citigroup assumed coverage on shares of Iambic Therapeutics in a research note on Monday, November 9th. They set a “buy” rating and a $22.00 target price on the stock. Wall Street Zen upgraded shares of Iambic Therapeutics to a “hold” rating in a research note on Saturday, November 7th. Bank of America began coverage on shares of Iambic Therapeutics in a report on Monday, November 9th. They set a “buy” rating and a $30.00 price target for the company. Zacks Research assumed coverage on shares of Iambic Therapeutics in a research report on Tuesday, November 10th. They issued a “hold” rating on the stock. Finally, Jefferies Financial Group assumed coverage on shares of Iambic Therapeutics in a report on Tuesday, November 10th. They issued a “buy” rating and a $35.00 price objective on the stock. Four equities research analysts have rated the stock with a Buy rating and one has issued a Hold rating to the company’s stock. Based on data from MarketBeat.com, Iambic Therapeutics has an average rating of “Moderate Buy” and a consensus target price of $27.25.

Iambic Therapeutics Stock Down 11.7%

NASDAQ IAM traded down $1.74 during trading on Friday, reaching $13.10. 277,981 shares of the company’s stock were exchanged, compared to its average volume of 757,415. Iambic Therapeutics has a 1 year low of $9.60 and a 1 year high of $25.00.

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.