JMP Securities analyst Reni Benjamin downgraded Ambrx Biopharma (AMAM) to Market Perform from Outperform on the heels of a proposed acquisition by Johnson & Johnson (JNJ). The firm said shareholders should vote in favor of the deal as it views the offer as fair and does not anticipate any competing bids. Given the acquisition price of $28 per share, the firm expects the deal to proceed as planned and, therefore, it views shares as fairly valued, with current trading levels very close to the deal price.
Meet Your ETF AI Analyst
- Discover how TipRanks' ETF AI Analyst can help you make smarter investment decisions
- Explore ETFs TipRanks' users love and see what insights the ETF AI Analyst reveals about the ones you follow.
Published first on TheFly – the ultimate source for real-time, market-moving breaking financial news. Try Now>>
See today’s best-performing stocks on TipRanks >>
Read More on AMAM:
- Ambrx Biopharma downgraded to Neutral from Buy at BTIG
- M & A News: Johnson & Johnson (NYSE:JNJ) to Acquire Ambrx Biopharma
- Ambrx Biopharma downgraded to Sector Perform from Outperform at RBC Capital
- Ambrx Announces Sale to Johnson & Johnson
- Johnson & Johnson to acquire Ambrx Biopharma for $2B in cash