Cormorant Asset Management, Lp Purchases 1,401,505 Shares of Ambrx Biopharma Inc. (NYSE:AMAM) Stock

Ambrx Biopharma Inc. (NYSE:AMAM) major shareholder Cormorant Asset Management, Lp acquired 1,401,505 shares of the firm’s stock in a transaction dated Friday, September 15th. The shares were purchased at an average cost of $9.05 per share, for a total transaction of $12,683,620.25. Following the completion of the acquisition, the insider now directly owns 68,714,590 shares in the company, valued at $621,867,039.50. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Major shareholders that own more than 10% of a company’s shares are required to disclose their sales and purchases with the SEC.

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

• On Monday, September 18th, Cormorant Asset Management, Lp bought 751,233 shares of Ambrx Biopharma stock. The shares were bought at an average cost of $9.24 per share, for a total transaction of $6,941,392.92.

Ambrx Biopharma Trading Up 10.5 %

Shares of AMAM traded up $1.08 during mid-day trading on Tuesday, reaching $11.33. The company’s stock had a trading volume of 1,069,415 shares, compared to its average volume of 1,896,510. Ambrx Biopharma Inc. has a 12-month low of $0.38 and a 12-month high of $16.86. The company’s 50 day moving average is $13.85 and its 200 day moving average is $12.70.

Ambrx Biopharma (NYSE:AMAM) last posted its quarterly earnings results on Wednesday, August 9th. The company reported ($0.05) EPS for the quarter, beating the consensus estimate of ($0.28) by $0.23. The business had revenue of $1.12 million during the quarter, compared to analyst estimates of $1.50 million. As a group, equities research analysts expect that Ambrx Biopharma Inc. will post -1.24 EPS for the current fiscal year.

Hedge Funds Weigh In On Ambrx Biopharma

Several hedge funds have recently bought and sold shares of AMAM. B. Riley Wealth Advisors Inc. acquired a new stake in shares of Ambrx Biopharma during the fourth quarter worth $45,000. Royal Bank of Canada acquired a new stake in shares of Ambrx Biopharma during the third quarter worth $46,000. Renaissance Technologies LLC boosted its holdings in shares of Ambrx Biopharma by 481.8% during the third quarter. Renaissance Technologies LLC now owns 64,000 shares of the company’s stock worth $69,000 after purchasing an additional 53,000 shares during the last quarter. Alpine Global Management LLC acquired a new stake in shares of Ambrx Biopharma during the fourth quarter worth $106,000. Finally, Tocqueville Asset Management L.P. acquired a new stake in shares of Ambrx Biopharma during the first quarter worth $112,000. Hedge funds and other institutional investors own 77.28% of the company’s stock.

Wall Street Analyst Weigh In

AMAM has been the topic of several research analyst reports. Cantor Fitzgerald reaffirmed an “overweight” rating and issued a $25.00 price objective on shares of Ambrx Biopharma in a research report on Monday. BTIG Research began coverage on Ambrx Biopharma in a research note on Tuesday, September 12th. They issued a “buy” rating and a $26.00 price target for the company. The Goldman Sachs Group raised their price objective on Ambrx Biopharma from $6.00 to $10.00 and gave the stock a “neutral” rating in a research note on Wednesday, September 13th. Oppenheimer started coverage on Ambrx Biopharma in a report on Thursday, June 1st. They set an “outperform” rating and a $30.00 target price on the stock. Finally, B. Riley initiated coverage on Ambrx Biopharma in a research report on Tuesday, June 13th. They issued a “buy” rating and a $26.00 price objective for the company. One research analyst has rated the stock with a hold rating and six have assigned a buy rating to the company’s stock. According to MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $22.57.

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.