Shares of Iambic Therapeutics Inc., a clinical-stage cancer drugmaker backed by Nvidia, surged 16% in their market debut on Thursday. The company raised $150 million through a US initial public offering (IPO).
The biotech firm's shares were trading at $18.50 each as of 12:21 p.m. in New York, significantly higher than the IPO price of $16 per share. Trading was briefly paused due to volatility.
Iambic Therapeutics combines advanced biotechnology with artificial intelligence to develop cancer treatments. The strong performance in its debut suggests investor confidence in the company's innovative approach.