Baird analyst Joel Beatty lowered the firm’s price target on Ambrx Biopharma to $22 from $26 and keeps an Outperform rating on the shares. The firm updated their model after 3Q23 earnings as the company disclosed immune-stimulatory ADC ARX622, which was engineered using the same concepts as Ambrx’s cytotoxic ADCs (homogenous DAR2, stable oxime conjugation chemistry, non-cleavable linker, and non-cell permeable payload) as it highlights the versatile potential of the company’s platform technology.
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