Ambrx Biopharma price target raised to $33 from $29 at RBC Capital

RBC Capital analyst Brian Abrahams raised the firm’s price target on Ambrx Biopharma to $33 from $29 and keeps an Outperform rating on the shares after data from Phase 1/2 APEX-01 study of ARX517. The company is “on track to compete with best-in-class”, as its detailed data in the ESMO poster suggest lead ADC ‘517 is a viable drug for prostate cancer, with potential to fit into the future paradigm pre-, post-, or instead of $1B drug Pluvicto, where efficacy looks comparable with room to dose up and further improve, the analyst tells investors in a research note.