Ambrx Biopharma (NYSE:AMAM) Shares Gap Down to $9.94

Ambrx Biopharma Inc. (NYSE:AMAM) gapped down prior to trading on Friday . The stock had previously closed at $9.94, but opened at $9.69. Ambrx Biopharma shares last traded at $9.74, with a volume of 24,176 shares changing hands.

Analyst Ratings Changes

A number of brokerages have issued reports on AMAM. Royal Bank of Canada began coverage on Ambrx Biopharma in a research report on Monday, July 31st. They issued an “outperform” rating and a $29.00 target price on the stock. Cantor Fitzgerald restated an “overweight” rating and issued a $25.00 price target on shares of Ambrx Biopharma in a research note on Wednesday, August 16th. BTIG Research began coverage on shares of Ambrx Biopharma in a research note on Tuesday. They issued a “buy” rating and a $26.00 price target for the company. B. Riley began coverage on shares of Ambrx Biopharma in a research note on Tuesday, June 13th. They issued a “buy” rating and a $26.00 price target for the company. Finally, The Goldman Sachs Group boosted their price target on shares of Ambrx Biopharma from $6.00 to $10.00 and gave the stock a “neutral” rating in a research note on Wednesday. One analyst has rated the stock with a hold rating and six have given a buy rating to the stock. According to data from MarketBeat, Ambrx Biopharma has a consensus rating of “Moderate Buy” and a consensus target price of $22.57.

Ambrx Biopharma Trading Down 5.4 %

The firm’s fifty day moving average is $14.05 and its 200-day moving average is $12.56.

Ambrx Biopharma (NYSE:AMAM) last announced its quarterly earnings data on Wednesday, August 9th. The company reported ($0.05) EPS for the quarter, beating analysts’ consensus estimates of ($0.28) by $0.23. The company had revenue of $1.12 million for the quarter, compared to analysts’ expectations of $1.50 million. As a group, analysts predict that Ambrx Biopharma Inc. will post -1.24 EPS for the current fiscal year.

Hedge Funds Weigh In On Ambrx Biopharma

Several large investors have recently bought and sold shares of the stock. Exchange Traded Concepts LLC acquired a new position in Ambrx Biopharma during the 2nd quarter valued at $162,000. Renaissance Technologies LLC raised its stake in shares of Ambrx Biopharma by 91.5% in the 1st quarter. Renaissance Technologies LLC now owns 22,600 shares of the company’s stock valued at $93,000 after buying an additional 10,800 shares in the last quarter. Tocqueville Asset Management L.P. acquired a new position in shares of Ambrx Biopharma in the 1st quarter valued at $112,000. QP Wealth Management LLC acquired a new position in shares of Ambrx Biopharma in the 2nd quarter valued at $209,000. Finally, Innovis Asset Management LLC acquired a new position in shares of Ambrx Biopharma in the 2nd quarter valued at $277,000. 77.28% of the stock is currently owned by institutional investors and hedge funds.

Ambrx Biopharma Company Profile

Ambrx Biopharma Inc, a clinical-stage biologics company, discovers and develops engineered precision biologics using its proprietary expanded genetic code technology platform. The company's 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.