AMAM - Why Shares of Ambrx Biopharma Soared This Week
2023-09-21 19:47:58 ET
Shares of Ambrx Biopharma (NASDAQ: AMAM) were up more than 27% for the week as of Thursday's close, according to data provided by S&P Global Market Intelligence . The clinical-stage biotech closed last week at $10.25, then rose as high as $12.20 on Wednesday.
The company is benefiting from two moves that happened last Friday. First, after the markets closed, Ambrx announced it had received the go-ahead from its board to move its official domicile from the Cayman Islands to Delaware, pending a vote by shareholders on Oct. 10. The move will allow Ambrx to be listed in certain stock indexes that now are unavailable to it because it is a foreign-listed company. It also opens the doors to certain institutional investors.
In line with that, the company got a big buy last Friday from Cormorant Asset Management, which purchased more than 2.1 million shares, pushing its overall stake in the company to more than 69.4 million shares.
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Why Shares of Ambrx Biopharma Soared This Week