AMAM - Ambrx Biopharma drops 17% to end rally ahead of investor day

Cancer-focused biotech Ambrx Biopharma ( NYSE: AMAM ) lost ~17% to end eight straight sessions of gains in the pre-market trading on Friday ahead of its analyst and investor day scheduled to start 12:00 pm EST. About 523.9K AMAM shares have changed hands compared to the 65-day average of 6.0M.

Ambrx ( AMAM ) in La Jolla, California has added ~62% in value over the past five days contrasting the ~2% decline in the broader biotech space, as indicated in this graph.

The company shared a presentation ahead of the virtual event which will include insights from cancer experts Prof. Hope Rugo, from the University of California, San Francisco and Paula R. Pohlmann M.D. from MD Anderson Cancer Center.

Dr. Rugo is a co-investigator is a co-investigator of Ambrx’s ( AMAM ) ACE-Breast-03 Phase 2 clinical trial for anti-HER2 targeting antibody drug conjugate ARX788 in HER2-positive metastatic breast cancer.

Dr. Pohlmann serves as an investigator on the company’s I-SPY 2.2 trial which tests ARX788 as  a neoadjuvant breast cancer treatment.

On Friday, Ambrx ( AMAM ) announced plans to start a ~30-patient signal-finding Phase 2 clinical trial of ARX788 in HER2+ metastatic breast cancer who have previously received Enhertu, an ADC from AstraZeneca ( AZN ) Daiichi Sankyo ( OTCPK:DSKYF ) ( OTCPK:DSNKY ).

The company expects the enrollment to take approximately 18 months from the dosing initiation.

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