Iambic Therapeutics' Cancer Trial Data, Partnerships Validate AI Platform, BofA Says

MT Newswires Live11-10 00:37

Iambic Therapeutics' (IAM) clinical data from the IAM1363 cancer trial and multiple high-value partnerships validate its artificial intelligence platform, BofA Securities said in a Monday note.

Analysts said Iambic's more than $2 billion in investments from Takeda (TAK), AbbVie (ABBV), Bayer, and RevMed shows that the industry values the platform.

Iambic trades below competitors like Recursion Pharmaceuticals (RXRX) and Schrodinger (SDGR), and faces upside potential, BofA said.

"AI may eventually lower development costs, but today Iambic must fund both its technology and a growing pipeline," analysts said.

BofA initiated coverage on the stock with a buy rating and a $30 price target.

Shares of the company were up 30% in Monday trading.

Price: 13.11, Change: +2.94, Percent Change: +28.86

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