JMP Securities initiated coverage of Ambrx Biopharma with an Outperform rating and $15 price target. With two lead assets in the clinic, “multiple valuation-driving milestones” over the next 6-12 months including a potential approval in China, and a strong cash position of $235.1M, Ambrx shares “still represent a unique investment opportunity and are attractively priced,” the analyst tells investors in a research note. The firm sees 65% potential downside and 112% potential upside.
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