Cormorant Asset Management, LLC, a more than 10% owner of Ambrx Biopharma (NASDAQ:AMAM), recently bought the company’s shares worth $25.3 million. AMAM stock gained more than 3% in the after-market trading session on Monday.
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The clinical-stage biopharmaceutical company is focused on developing engineered precision biologics (EPBs) for cancer treatments.
Going by the SEC filing, the firm bought 2,597,896 shares of the company at a weighted average price of $9.74 per share in multiple transactions between March 13 and March 17. Following the latest purchase, the total value of AMAM shares in its portfolio now stands at $626.6 million.
As per the data collected by TipRanks, Cormorant Asset Management has a 66% success rate based on 29 transactions, with an average return per transaction of 13.9%.
Overall, TipRanks’ Insider Trading Activity tool shows that insiders are currently Positive on the stock, as corporate insiders have bought AMAM stock worth $35.5 million in the last three months.
Interestingly, TipRanks offers daily insider transactions as well as a list of top corporate insiders. It also provides a list of hot stocks that boast either a Very Positive or Positive insider confidence signal.
Is AMAM Stock a Good Buy?
On TipRanks, Ambrx has a Moderate Buy consensus rating based on one Buy and one Hold recommendation. The average AMAM stock price target of $12 suggests an upside of 8.8%.
