JMP Securities analyst Reni Benjamin reiterated a Buy rating on Ambrx Biopharma (AMAM – Research Report) yesterday and set a price target of $15.00.
Reni Benjamin issued a Buy rating for Ambrx Biopharma for a variety of reasons. First and foremost, Ambrx Biopharma recently displayed promising results at the ESMO conference and reported favorable 3Q23 financial results. Additionally, the company revealed plans to increase dosage in the APEX-01 prostate cancer study, which further solidifies its potential in the medical field. With two ADCs progressing through clinical development, a Chinese partner aiming for marketing approval for ARX788, and a substantial cash position of $225.3MM, Ambrx Biopharma presents a unique investment opportunity with a roughly 154% potential upside.
Moreover, the preliminary data from the ongoing APEX-01 Phase 1/2 trial, which evaluates ARX517 in mCRPC patients, were promising, with a significant portion of patients witnessing a decline in PSA levels. The safety of the treatment was also commendable with no Grade 4 or 5 events or SAEs or DLTs. Furthermore, Ambrx Biopharma’s ARX788 has been tested in over 750 patients, showing a confirmed ORR rate of 57.1%, with a DCR of 100%. The company’s Chinese partner, NovoCodex, has also applied for marketing approval, which is expected later this year. This diverse range of positive factors led to Reni Benjamin’s Buy rating for Ambrx Biopharma.
In another report released on November 17, Robert W. Baird also maintained a Buy rating on the stock with a $22.00 price target.
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Based on the recent corporate insider activity of 14 insiders, corporate insider sentiment is positive on the stock. This means that over the past quarter there has been an increase of insiders buying their shares of AMAM in relation to earlier this year.
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Ambrx Biopharma (AMAM) Company Description:
Ambrx Biopharma Inc is a clinical-stage biologics company focused on discovering and developing a novel class of engineered precision biologics (EPBs) using its proprietary expanded genetic code technology platform that allows incorporating synthetic amino acids (SAAs) into proteins within living cells. Its product pipeline includes ARX788, ARX517, ARX305 among others.
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