Ambrx Biopharma, Inc. (NASDAQ: AMAM) opened trading Thursday down, on the announcement of its addition to the NASDAQ Biotechnology Index effective prior to the market open on Monday, December 18.
“2023 has been a transformational year for Ambrx, especially for our publicly held securities,” according to CEO Daniel J. O’Connor. “We voluntarily transferred to NASDAQ from the New York Stock Exchange, we changed our parent company domicile to Delaware from the Cayman Islands and we terminated our ADS program, resulting in our common stock being listed on NASDAQ. Now, at the end of the year and due to these actions taken, we are being added to the NBI. We believe these changes may help to enhance long-term shareholder value and further increase our profile in the investment community.”
The NASDAQ Biotechnology Index is designed to track the performance of a set of securities listed on The NASDAQ Stock Market® (NASDAQ®) that are classified as either biotechnology or pharmaceutical companies and is a modified market capitalization weighted index. The NBI is reconstituted annually in December in accordance with a set of eligibility criteria including minimum market capitalization and average daily trading volume, among other criteria.
Ambrx is a clinical-stage biopharmaceutical company using an expanded genetic code technology platform to discover and develop next-generation antibody drug conjugates and other engineered therapies to modulate the immune system.
AMAM shares sank 76 cents, 5.7%, to $12.50.
