B. Riley analyst Yuan Zhi yesterday downgraded Ambrx Biopharma (AMAM) to Neutral from Buy with a price target of $28, up from $26, after Johnson & Johnson (JNJ) announced a deal to acquire all of the outstanding shares of Ambrx for $28.00 per share in cash.
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Read More on AMAM:
- M & A News: Johnson & Johnson (NYSE:JNJ) to Acquire Ambrx Biopharma
- Ambrx Announces Sale to Johnson & Johnson
- Johnson & Johnson to acquire Ambrx Biopharma for $2B in cash
- Ambrx Biopharma to be acquired by Johnson & Johnson for $28.00 per share
- Ambrx Biopharma to be added to the Nasdaq Biotechnology Index