RBC Capital initiated coverage of Ambrx Biopharma with an Outperform rating and $29 price target. The company’s lead drug ARX517 has shown early promise in a potentially blockbuster metastatic castrate-resistant prostate cancer space, and the firm sees meaningful upside potential on broader de-risking of ‘517 with the next data cut in Q4 of this year, the analyst tells investors in a research note. Ambrx’s RX788 may also have underappreciated prospects as a differentiated Her2-targeted metastatic breast cancer agent that could add value in a post-Enhertu setting, the firm added.
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