Nvidia-backed Iambic Therapeutics tumbles below IPO price

NVIDIA

Mon 15:45

** Shares of Iambic Therapeutics IAM.O, drug developer backed by AI giant Nvidia NVDA.O, tumble as much as 41% to $14.10 in their third session of trading on Mon
** IAM opened at $16.15 on Thurs after $150 mln IPO priced at $16, midpoint of the marketed range
** Stock finished up ~26% on Fri at $23.81 after rising to as high as $25
** Biotech IPOs have continued to get done even as market volatility and surging bond yields combine to dampen investor appetite for new listings
** Iambic is advancing a pipeline of drug candidates developed using its AI platform to treat solid tumors. It has partnerships with top pharma companies, including AbbVie ABBV.N and Takeda Pharmaceutical 4502.T

(Lance Tupper is a Reuters market analyst. The views expressed are his own)
((lance.tupper@tr.com 1-646-279-6380))