Ambrx Biopharma (NYSE:AMAM) stock is falling on Friday, but it’s not due to any news released by the company today.
Instead, it looks like shares are retreating from a rally on Thursday. That previous rally came alongside a Phase 1 clinical trial of ARX517, the company’s proprietary anti-prostate-specific membrane antigen, antibody-drug conjugate for prostate cancer patients.
News of the clinical trial data sent shares of AMAM stock soaring more than 50% higher on Thursday. That came as some 50 million shares changed hands. To put that in perspective, the company’s daily average trading volume is closer to 4.7 million shares.
What This Means for AMAM Stock
Today’s movement is simply AMAM stock coming off the high from yesterday’s. Considering the drop is only a fraction of yesterday’s gain, it’s nothing to be worried about just yet. The bigger problem would be if the stock continues to fall in the following days.
The drop in price today also comes with weaker trading volume for AMAM stock. This has around 157,000 shares changing hands as of this writing. It makes sense that investors would see less trading today since there’s no catalyst to increase interest in the stock.
AMAM stock is down 14.7% as of Friday morning.
There’s even more stock market news traders will want to know about below!
We’ve got all of the hottest stock market coverage investors need to know about on Friday! A few examples include what has shares of VolitionRX (NYSEMKT:VNRX), Ibio (NYSEMKT:IBIO) and Nogin (NASDAQ:NOGN) stock moving. All that news is ready to go with the following links!
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On the date of publication, William White did not hold (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.