Why Is Ambrx Biopharma (AMAM) Stock Up 100% Today?

Shares of engineered therapeutics specialist Ambrx Biopharma (NASDAQ:AMAM) skyrocketed on Monday following a major announcement. Pharmaceutical and medical technology stalwart Johnson & Johnson (NYSE:JNJ) will buy out the company, which should strengthen its oncology unit. Subsequently, AMAM stock doubled in price thanks to the win-win proposition.According to the accompanying press release, J&J will acquire all outstanding shares of Ambrx for $28 a pop in cash. That represents a 105% premium to the closing ...