Long Position on AMAM @ $27.75 on 1/12/2024 (Momentum)

Ambrx Biopharma Inc. (AMAM), a clinical stage biopharmaceutical company, focuses on discovering and developing antibody drug conjugates (ADCs) and other engineered therapies to modulate the immune system.

It focuses on portfolio of clinical and preclinical programs designed to optimize efficacy and safety in multiple cancer indications, including ARX517, its proprietary antibody-drug conjugate (ADC) targeting the prostate-specific membrane antigen (PSMA) and ARX788, its proprietary ADC targeting HER2.

The company also has preclinical and clinical collaborations with multiple partners on drug candidates using Ambrx technology. The company was incorporated in 2003 and is headquartered in La Jolla, California.

Please note, this stock reports earnings on Wednesday, January 24th.

After the announcement that the company is to be acquired by Johnson & Johnson in a $2 Billion cash deal, share prices should head higher.

Entry Point: $27.75

Trading Range: $6.55 - $28.15

Stop Loss: $26.35

Target Price: $30.50

Position closed on 2/12/2024 at price of $28.00 with a 0.90% gain in 31 days.

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