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Ambrx (NASDAQ:AMAM) Stock Gains on $25M Insider Buy
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Ambrx (NASDAQ:AMAM) Stock Gains on $25M Insider Buy

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Cormorant Asset Management, one of Ambrx’s major insiders, bought AMAM shares worth about $25.3 million. Let’s take a closer look at the insider’s move in this article.

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. 

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%.

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