Ambrx Biopharma (NYSE:AMAM) Shares Gap Down Following Analyst Downgrade

Ambrx Biopharma Inc. (NYSE:AMAM)’s share price gapped down before the market opened on Wednesday after Royal Bank of Canada lowered their price target on the stock from $33.00 to $32.00. The stock had previously closed at $9.01, but opened at $8.74. Royal Bank of Canada currently has an outperform rating on the stock. Ambrx Biopharma shares last traded at $8.98, with a volume of 44,497 shares.

AMAM has been the topic of a number of other reports. JMP Securities initiated coverage on Ambrx Biopharma in a report on Monday, September 25th. They issued an “outperform” rating and a $15.00 price objective on the stock. Cantor Fitzgerald restated an “overweight” rating and issued a $25.00 price target on shares of Ambrx Biopharma in a report on Monday, October 23rd. BTIG Research assumed coverage on shares of Ambrx Biopharma in a research note on Tuesday, September 12th. They set a “buy” rating and a $26.00 price objective for the company. Finally, The Goldman Sachs Group increased their price objective on shares of Ambrx Biopharma from $6.00 to $10.00 and gave the stock a “neutral” rating in a research report on Wednesday, September 13th. One analyst has rated the stock with a hold rating and seven have given a buy rating to the company. According to data from MarketBeat.com, Ambrx Biopharma currently has an average rating of “Moderate Buy” and a consensus price target of $22.00.

Insider Buying and Selling

In other Ambrx Biopharma news, CFO Sonja Nelson sold 12,778 shares of the stock in a transaction that occurred on Friday, October 27th. The stock was sold at an average price of $9.82, for a total transaction of $125,479.96. Following the transaction, the chief financial officer now owns 130,079 shares of the company’s stock, valued at approximately $1,277,375.78. The transaction was disclosed in a document filed with the SEC, which is available at this link. In other Ambrx Biopharma news, CFO Sonja Nelson sold 12,778 shares of the stock in a transaction on Friday, October 27th. The shares were sold at an average price of $9.82, for a total transaction of $125,479.96. Following the sale, the chief financial officer now directly owns 130,079 shares of the company’s stock, valued at $1,277,375.78. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO Daniel J. O’connor sold 50,012 shares of the business’s stock in a transaction dated Friday, October 27th. The shares were sold at an average price of $9.82, for a total transaction of $491,117.84. Following the sale, the chief executive officer now directly owns 342,845 shares of the company’s stock, valued at approximately $3,366,737.90. The disclosure for this sale can be found here. Over the last three months, insiders bought 3,460,049 shares of company stock worth $28,763,117. Corporate insiders own 0.64% of the company’s stock.

Institutional Inflows and Outflows

Institutional investors have recently added to or reduced their stakes in the stock. Darwin Global Management Ltd. raised its holdings in shares of Ambrx Biopharma by 49.0% during the first quarter. Darwin Global Management Ltd. now owns 11,304,573 shares of the company’s stock valued at $100,837,000 after buying an additional 3,720,084 shares during the last quarter. Cormorant Asset Management LP boosted its position in Ambrx Biopharma by 13.1% during the 2nd quarter. Cormorant Asset Management LP now owns 9,616,155 shares of the company’s stock worth $158,282,000 after acquiring an additional 1,116,155 shares during the period. Commodore Capital LP bought a new position in shares of Ambrx Biopharma in the first quarter worth $42,847,000. FMR LLC increased its holdings in shares of Ambrx Biopharma by 0.8% during the second quarter. FMR LLC now owns 3,857,679 shares of the company’s stock valued at $10,223,000 after purchasing an additional 32,320 shares during the period. Finally, Federated Hermes Inc. bought a new stake in shares of Ambrx Biopharma during the third quarter valued at about $27,552,000. 77.28% of the stock is currently owned by institutional investors.

Ambrx Biopharma Price Performance

The firm’s fifty day moving average is $10.75 and its two-hundred day moving average is $13.01.

Ambrx Biopharma Company Profile

Ambrx Biopharma Inc, a clinical stage biopharmaceutical company, focuses on discovering and developing antibody drug conjugates (ADCs) and other engineered therapies to modulate the immune system. It focuses on portfolio of clinical and preclinical programs designed to optimize efficacy and safety in multiple cancer indications, including ARX517, its proprietary antibody-drug conjugate (ADC) targeting the prostate-specific membrane antigen (PSMA) and ARX788, its proprietary ADC targeting HER2.