AMAM - Why Shares of Ambrx Biopharma Jumped This Week
2023-05-18 17:42:00 ET
Shares of Ambrx Biopharma (NYSE: AMAM) were up 18.8% for the week after climbing as high as 25.4% for the week, according to data provided by S&P Global Market Intelligence . The clinical-stage biotech stock closed at $11.64 last week, then rose to as high as $14.60 on Thursday. The stock is up more than 506% so far this year.
Ambrx uses an expanded genetic code technology platform to find antibody drug conjugates (ADCs) and other engineered therapies to modulate the immune system to fight cancer. CEO Daniel O'Connor presented details of his company's clinical programs at the JMP Securities Life Sciences Conference on Tuesday and the RBC Capital Markets Global Healthcare Conference on Wednesday, both of which were in New York. His presentations focused on the company's lead candidates, ARX788 and ARX517.
ARX788 is an ADC that is in a phase 2 trial in the U.S. to treat HER2-positive locally advanced or metastatic breast cancer. The therapy, which Ambrx is partnering with NovoCodex on, is also seen as a potential therapy for gastric cancer and other solid tumor cancers. It recently did well in a phase 3 trial to treat breast cancer in China.
For further details see:
Why Shares of Ambrx Biopharma Jumped This Week