Ambrx Biopharma Inc. (NYSE:AMAM) to Post FY2023 Earnings of ($1.37) Per Share, Cantor Fitzgerald Forecasts

Ambrx Biopharma Inc. (NYSE:AMAM) – Equities research analysts at Cantor Fitzgerald cut their FY2023 earnings per share estimates for shares of Ambrx Biopharma in a research report issued to clients and investors on Tuesday, November 14th. Cantor Fitzgerald analyst L. Chen now anticipates that the company will post earnings of ($1.37) per share for the year, down from their previous forecast of ($1.34). Cantor Fitzgerald has a “Overweight” rating and a $25.00 price objective on the stock. The consensus estimate for Ambrx Biopharma’s current full-year earnings is ($1.29) per share. Cantor Fitzgerald also issued estimates for Ambrx Biopharma’s FY2024 earnings at ($1.44) EPS.

Several other research firms also recently commented on AMAM. Royal Bank of Canada dropped their price target on shares of Ambrx Biopharma from $33.00 to $32.00 and set an “outperform” rating for the company in a research note on Tuesday. JMP Securities assumed coverage on Ambrx Biopharma in a research report on Monday, September 25th. They issued an “outperform” rating and a $15.00 price target on the stock. The Goldman Sachs Group lowered their price objective on Ambrx Biopharma from $10.00 to $9.00 and set a “neutral” rating for the company in a research report on Wednesday. Finally, BTIG Research started coverage on shares of Ambrx Biopharma in a report on Tuesday, September 12th. They issued a “buy” rating and a $26.00 target price on the stock. One analyst has rated the stock with a hold rating and seven have assigned a buy rating to the stock. According to MarketBeat, Ambrx Biopharma has an average rating of “Moderate Buy” and an average price target of $21.88.

Ambrx Biopharma Stock Performance

Shares of AMAM stock opened at $9.74 on Friday. Ambrx Biopharma has a fifty-two week low of $0.38 and a fifty-two week high of $16.86. The company has a 50 day moving average price of $10.61 and a 200 day moving average price of $12.97.

Institutional Trading of Ambrx Biopharma

A number of hedge funds have recently added to or reduced their stakes in the stock. Renaissance Technologies LLC raised its position 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 buying an additional 10,800 shares during the last quarter. FMR LLC boosted its holdings in Ambrx Biopharma by 0.8% in the 2nd 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 in the last quarter. Royal Bank of Canada acquired a new position in Ambrx Biopharma during the 3rd quarter worth approximately $46,000. B. Riley Wealth Advisors Inc. purchased a new position in shares of Ambrx Biopharma during the 4th quarter worth approximately $45,000. Finally, Tower Research Capital LLC TRC boosted its stake in shares of Ambrx Biopharma by 681,233.3% in the first quarter. Tower Research Capital LLC TRC now owns 20,440 shares of the company’s stock valued at $182,000 after buying an additional 20,437 shares in the last quarter. 77.28% of the stock is owned by institutional investors and hedge funds.

Insider Activity at Ambrx Biopharma

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

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.