Insider Buying: Ambrx Biopharma Inc. (NYSE:AMAM) Major Shareholder Acquires 500,000 Shares of Stock

Ambrx Biopharma Inc. (NYSE:AMAM – Get Rating) major shareholder Cormorant Asset Management, Lp acquired 500,000 shares of the company’s stock in a transaction on Thursday, March 16th. The stock was purchased at an average cost of $10.15 per share, for a total transaction of $5,075,000.00. Following the completion of the transaction, the insider now owns 53,500,000 shares in the company, valued at approximately $543,025,000. The purchase was disclosed in a document filed with the SEC, which is available at this link. Major shareholders that own at least 10% of a company’s shares are required to disclose their transactions with the SEC.

Cormorant Asset Management, Lp also recently made the following trade(s):

• On Tuesday, March 14th, Cormorant Asset Management, Lp acquired 250,000 shares of Ambrx Biopharma stock. The stock was purchased at an average cost of $9.95 per share, for a total transaction of $2,487,500.00.

Ambrx Biopharma Stock Performance

Shares of Ambrx Biopharma stock opened at $8.93 on Friday. The company has a fifty day simple moving average of $4.32 and a 200-day simple moving average of $2.30. Ambrx Biopharma Inc. has a 12-month low of $0.38 and a 12-month high of $13.07.

Wall Street Analyst Weigh In

Several brokerages have recently issued reports on AMAM. Robert W. Baird upped their target price on shares of Ambrx Biopharma from $4.00 to $11.00 in a report on Friday, March 3rd. The Goldman Sachs Group upped their target price on shares of Ambrx Biopharma from $2.00 to $6.00 and gave the company a “neutral” rating in a report on Monday, February 27th.

Institutional Trading of Ambrx Biopharma

A number of large investors have recently bought and sold shares of AMAM. Renaissance Technologies LLC boosted its stake in Ambrx Biopharma by 91.5% during the 1st quarter. Renaissance Technologies LLC now owns 22,600 shares of the company’s stock worth $93,000 after purchasing an additional 10,800 shares during the period. FMR LLC boosted its stake in Ambrx Biopharma by 0.8% during the 2nd quarter. FMR LLC now owns 3,857,679 shares of the company’s stock worth $10,223,000 after purchasing an additional 32,320 shares during the period. Royal Bank of Canada acquired a new stake in Ambrx Biopharma during the 3rd quarter worth $46,000. Alpine Global Management LLC acquired a new stake in Ambrx Biopharma during the 4th quarter worth $106,000. Finally, B. Riley Wealth Advisors Inc. acquired a new stake in Ambrx Biopharma during the 4th quarter worth $45,000. Institutional investors and hedge funds own 43.14% of the company’s stock.

Ambrx Biopharma Company Profile

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Ambrx Biopharma Inc, a clinical-stage biologics company, discovers and develops engineered precision biologics using its proprietary expanded genetic code technology platform. Its lead product candidate is ARX788, an anti-HER2 antibody-drug conjugate (ADC), which is investigated in various clinical trials for the treatment of breast cancer, gastric/gastroesophageal junction cancer, and other solid tumors, including ongoing Phase 2/3 clinical trials for the treatment of HER2-positive metastatic breast cancer and gastric cancer.