BUZZ - Iambic Therapeutics, backed by Nvidia, sees its stock price fall below the IPO issue price

October 19 - ** Shares of drug development company Iambic Therapeutics (IAM.O), backed by artificial intelligence giant Nvidia (NVDA.O), plunged as much as 41% to $14.10 on Monday in their third trading day

** IAM opened at $16.15 on Thursday after the company (link) completed its $150 million initial public offering (IPO) at a price of $16 per share, which was at the midpoint of its price range (link)

** The shares closed up about 26% on Friday at $23.81, after hitting an intraday high of $25

** Despite market volatility and a surge in bond yields dampening investor appetite for new issues (link), biotech IPOs (link) are still continuing

** Iambic is advancing its pipeline of experimental drugs for treating solid tumors, developed using its artificial intelligence platform. The company has established partnerships with leading pharmaceutical companies including AbbVie (ABBV.N) and Takeda Pharmaceutical (4502.T)

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