NewAmsterdam Pharma (NASDAQ:NAMS) Stock Price Target Cut by Royal Bank Of Canada

Key Points

• Royal Bank of Canada cut NewAmsterdam Pharma’s price target from $50 to $42 while maintaining an “outperform” rating, implying 86.92% upside from the previous close.
• Analyst sentiment remains broadly positive, with a consensus “Moderate Buy” rating and an average price target of $49, despite the stock opening at $22.47 and trading down 3.1%.
• The company reported a quarterly EPS loss of $0.52, missing estimates, while insiders sold approximately $7.85 million worth of shares over the past 90 days.

NewAmsterdam Pharma (NASDAQ:NAMS - Get Free Report) had its price target lowered by equities researchers at Royal Bank Of Canada from $50.00 to $42.00 in a report issued on Monday, Benzinga reports. The firm presently has an "outperform" rating on the stock. Royal Bank Of Canada's price target would indicate a potential upside of 86.92% from the stock's previous close.

A number of other analysts have also recently commented on NAMS. BMO Capital Markets assumed coverage on NewAmsterdam Pharma in a research note on Monday, July 20th. They issued an "outperform" rating and a $58.00 price target for the company. Weiss Ratings restated a "sell (d-)" rating on shares of NewAmsterdam Pharma in a research note on Friday, July 17th. HC Wainwright reaffirmed a "buy" rating and issued a $52.00 price objective on shares of NewAmsterdam Pharma in a report on Tuesday, September 8th. Finally, Jefferies Financial Group reiterated a "buy" rating and set a $45.00 price target on shares of NewAmsterdam Pharma in a research report on Monday, July 20th. One equities research analyst has rated the stock with a Strong Buy rating, ten have assigned a Buy rating, one has given a Hold rating and one has given a Sell rating to the company's stock. According to MarketBeat, NewAmsterdam Pharma presently has an average rating of "Moderate Buy" and a consensus price target of $49.00.

NewAmsterdam Pharma Trading Down 3.1%

Shares of NASDAQ:NAMS opened at $22.47 on Monday. NewAmsterdam Pharma has a twelve month low of $21.02 and a twelve month high of $42.21. The firm has a market cap of $2.69 billion, a P/E ratio of -10.42 and a beta of 0.10. The company has a 50 day moving average of $25.56 and a 200-day moving average of $30.23.

NewAmsterdam Pharma (NASDAQ:NAMS - Get Free Report) last issued its earnings results on Wednesday, August 5th. The company reported ($0.52) earnings per share for the quarter, missing the consensus estimate of ($0.48) by ($0.04). NewAmsterdam Pharma had a negative return on equity of 34.81% and a negative net margin of 3,644.21%.The firm had revenue of $3.70 million during the quarter, compared to analyst estimates of $2.83 million. Equities research analysts forecast that NewAmsterdam Pharma will post -1.82 EPS for the current year.

Insider Transactions at NewAmsterdam Pharma

In other news, insider Johannes Kastelein sold 125,000 shares of the firm's stock in a transaction that occurred on Monday, August 24th. The shares were sold at an average price of $26.91, for a total value of $3,363,750.00. Following the completion of the transaction, the insider directly owned 69,302 shares in the company, valued at approximately $1,864,916.82. This trade represents a 64.33% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CAO Louise Kooij sold 105,000 shares of the company's stock in a transaction that occurred on Monday, July 20th. The stock was sold at an average price of $30.34, for a total transaction of $3,185,700.00. Following the sale, the chief accounting officer directly owned 24,353 shares in the company, valued at $738,870.02. This trade represents a 81.17% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders have sold a total of 281,846 shares of company stock worth $7,847,619 over the last 90 days. 12.74% of the stock is owned by insiders.

Institutional Investors Weigh In On NewAmsterdam Pharma

Institutional investors and hedge funds have recently bought and sold shares of the stock. AlphaCentric Advisors LLC raised its stake in shares of NewAmsterdam Pharma by 6.7% during the first quarter. AlphaCentric Advisors LLC now owns 14,656 shares of the company's stock valued at $469,000 after acquiring an additional 925 shares during the last quarter. KBC Group NV bought a new stake in shares of NewAmsterdam Pharma in the 1st quarter worth approximately $37,000. AdvisorNet Financial Inc purchased a new position in shares of NewAmsterdam Pharma during the first quarter valued at approximately $82,000. Seven Fleet Capital Management LP bought a new position in shares of NewAmsterdam Pharma during the fourth quarter valued at approximately $140,000. Finally, Arizona State Retirement System lifted its stake in NewAmsterdam Pharma by 34.6% in the second quarter. Arizona State Retirement System now owns 16,656 shares of the company's stock worth $564,000 after acquiring an additional 4,281 shares during the period. 89.89% of the stock is owned by hedge funds and other institutional investors.

About NewAmsterdam Pharma

NewAmsterdam Pharma is a clinical-stage biopharmaceutical company focused on developing therapies for cardiometabolic diseases, with an emphasis on improving the treatment of dyslipidemia and reducing cardiovascular risk. The company's lead investigational product is obicetrapib, an oral cholesteryl ester transfer protein (CETP) inhibitor designed to lower low-density lipoprotein cholesterol and potentially address other lipid-related abnormalities.

Obicetrapib is being studied as an adjunct to existing lipid-lowering therapies, including in patients who have not achieved adequate cholesterol control and people with heterozygous familial hypercholesterolemia.

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