NewAmsterdam Pharma (NASDAQ:NAMS) Price Target Raised to $61.00

Key Points

• Cantor Fitzgerald raised its price target on NewAmsterdam Pharma to $61 from $52 and reiterated an “overweight” rating, implying 218% upside from the share price cited in the report.
• Analyst sentiment is broadly positive: MarketBeat reports a “Moderate Buy” consensus and an average price target of $49.82, with nine Buy ratings among 12 analysts.
• The company beat quarterly estimates, reporting a loss of $0.14 per share versus expectations of a $0.47 loss, and revenue of $19.16 million versus the $8.82 million consensus estimate.

NewAmsterdam Pharma (NASDAQ:NAMS - Get Free Report) had its target price raised by investment analysts at Cantor Fitzgerald from $52.00 to $61.00 in a research note issued to investors on Wednesday, Benzinga reports. The firm presently has an "overweight" rating on the stock. Cantor Fitzgerald's price target would indicate a potential upside of 218.04% from the company's current price.

A number of other analysts have also recently weighed in on the company. HC Wainwright reaffirmed a "buy" rating and issued a $52.00 price target on shares of NewAmsterdam Pharma in a research report on Tuesday, September 8th. BMO Capital Markets initiated coverage on NewAmsterdam Pharma in a research note on Monday, July 20th. They set an "outperform" rating and a $58.00 price target for the company. Royal Bank Of Canada lowered their price objective on NewAmsterdam Pharma from $50.00 to $42.00 and set an "outperform" rating on the stock in a report on Monday, October 5th. Jefferies Financial Group reissued a "buy" rating and issued a $45.00 price objective on shares of NewAmsterdam Pharma in a research note on Monday, July 20th. Finally, Wall Street Zen raised NewAmsterdam Pharma from a "sell" rating to a "hold" rating in a research note on Sunday, November 1st. One analyst has rated the stock with a Strong Buy rating, nine have given a Buy rating, one has issued a Hold rating and one has issued a Sell rating to the company. According to MarketBeat, NewAmsterdam Pharma has an average rating of "Moderate Buy" and an average target price of $49.82.

NewAmsterdam Pharma Stock Performance

Shares of NASDAQ NAMS opened at $19.18 on Wednesday. The stock has a market cap of $2.29 billion, a price-to-earnings ratio of -11.35 and a beta of 0.15. NewAmsterdam Pharma has a 52 week low of $17.90 and a 52 week high of $42.21. The business has a 50 day simple moving average of $21.84 and a 200 day simple moving average of $29.37.

NewAmsterdam Pharma (NASDAQ:NAMS - Get Free Report) last announced its quarterly earnings results on Wednesday, November 4th. The company reported ($0.14) EPS for the quarter, topping the consensus estimate of ($0.47) by $0.33. The company had revenue of $19.16 million for the quarter, compared to analyst estimates of $8.82 million. NewAmsterdam Pharma had a negative net margin of 789.95% and a negative return on equity of 31.39%. On average, analysts predict that NewAmsterdam Pharma will post -1.48 EPS for the current year.

Insider Buying and Selling

In other news, CEO Michael Davidson acquired 10,000 shares of the firm's stock in a transaction that occurred on Monday, September 14th. The stock was acquired at an average cost of $22.65 per share, with a total value of $226,500.00. Following the acquisition, the chief executive officer owned 792,923 shares in the company, valued at approximately $17,959,705.95. This represents a 1.28% increase in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, Director John W. Smither sold 1,600 shares of the firm's stock in a transaction on Friday, September 4th. The shares were sold at an average price of $25.32, for a total transaction of $40,512.00. Following the completion of the transaction, the director owned 8,760 shares in the company, valued at $221,803.20. The trade was a 15.44% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. In the last three months, insiders sold 176,846 shares of company stock valued at $4,661,919. Company insiders own 12.74% of the company's stock.

Institutional Investors Weigh In On NewAmsterdam Pharma

Several hedge funds and other institutional investors have recently made changes to their positions in NAMS. Frazier Life Sciences Management L.P. increased its stake in shares of NewAmsterdam Pharma by 6.8% in the second quarter. Frazier Life Sciences Management L.P. now owns 18,088,902 shares of the company's stock worth $613,033,000 after purchasing an additional 1,145,128 shares during the period. Maverick Capital Ltd. grew its holdings in NewAmsterdam Pharma by 15.4% in the 1st quarter. Maverick Capital Ltd. now owns 2,186,402 shares of the company's stock valued at $69,987,000 after buying an additional 292,176 shares during the last quarter. Bank of America Corp DE grew its holdings in NewAmsterdam Pharma by 84.4% in the 1st quarter. Bank of America Corp DE now owns 847,089 shares of the company's stock valued at $27,115,000 after buying an additional 387,698 shares during the last quarter. SEB Asset Management AB acquired a new stake in NewAmsterdam Pharma in the 1st quarter valued at approximately $8,728,000. Finally, Stempoint Capital LP increased its position in NewAmsterdam Pharma by 147.1% in the 1st quarter. Stempoint Capital LP now owns 180,658 shares of the company's stock worth $5,783,000 after buying an additional 107,552 shares during the period. 89.89% of the stock is owned by institutional investors and hedge funds.

About NewAmsterdam Pharma

NewAmsterdam Pharma is a biopharmaceutical company focused on developing oral treatments for cardiometabolic diseases, particularly conditions involving elevated cholesterol and cardiovascular risk. The company's lead investigational medicine is obicetrapib, an oral inhibitor of cholesteryl ester transfer protein (CETP) being studied to lower LDL cholesterol. NewAmsterdam has evaluated obicetrapib both on its own and in combination with ezetimibe, including in clinical studies involving people with inherited high cholesterol or established cardiovascular disease whose cholesterol remains elevated despite existing treatment.

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