BTIG analyst Kaveri Pohlman downgraded Ambrx Biopharma (AMAM) to Neutral from Buy after Ambrx announced that it has entered into an agreement to be acquired by Johnson & Johnson (JNJ) at $28.00 per share in cash. Ambrx has a “powerful technology and has shown robust data” in both prostate cancer and breast cancer, so the deal is “not a surprise,” says the analyst, who adds that the value “seems fair” since both the lead programs are in relatively early stages of development and late-line prostate cancer alone could provide a bigger market opportunity than ovarian cancer.
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