NewAmsterdam Pharma (NASDAQ:NAMS) Trading Up 7.2% - Here's Why

Shares of NewAmsterdam Pharma (NASDAQ:NAMS - Get Free Report) shot up 7.2% during trading on Wednesday . The stock traded as high as $20.05 and last traded at $20.03. 390,040 shares changed hands during mid-day trading, a decline of 40% from the average session volume of 648,347 shares. The stock had previously closed at $18.69.

Analysts Set New Price Targets

Several brokerages have commented on NAMS. Cantor Fitzgerald began coverage on shares of NewAmsterdam Pharma in a research report on Wednesday. They issued an "overweight" rating and a $42.00 price target for the company. Needham & Company LLC decreased their price target on shares of NewAmsterdam Pharma from $42.00 to $40.00 and set a "buy" rating for the company in a research report on Thursday, May 8th. UBS Group set a $41.00 price target on shares of NewAmsterdam Pharma in a research report on Monday, March 3rd. Wall Street Zen raised shares of NewAmsterdam Pharma from a "sell" rating to a "hold" rating in a research report on Friday, May 30th. Finally, Scotiabank raised their price objective on shares of NewAmsterdam Pharma from $47.00 to $52.00 and gave the company a "sector outperform" rating in a report on Thursday, February 27th. One investment analyst has rated the stock with a hold rating and six have given a buy rating to the company's stock. According to data from MarketBeat, the company presently has a consensus rating of "Moderate Buy" and a consensus price target of $42.86.

NewAmsterdam Pharma Price Performance

The business's 50-day moving average price is $17.75 and its two-hundred day moving average price is $20.87. The firm has a market cap of $2.26 billion, a price-to-earnings ratio of -10.71 and a beta of -0.03.

NewAmsterdam Pharma (NASDAQ:NAMS - Get Free Report) last released its earnings results on Thursday, May 8th. The company reported ($0.49) earnings per share (EPS) for the quarter, missing analysts' consensus estimates of ($0.45) by ($0.04). The company had revenue of $2.98 million for the quarter, compared to analysts' expectations of $1.46 million. As a group, sell-side analysts forecast that NewAmsterdam Pharma will post -1.75 earnings per share for the current year.

Insider Activity

In related news, Director James N. Topper purchased 1,135 shares of the business's stock in a transaction that occurred on Wednesday, March 26th. The shares were purchased at an average cost of $22.49 per share, with a total value of $25,526.15. Following the completion of the acquisition, the director now directly owns 3,013,569 shares of the company's stock, valued at approximately $67,775,166.81. The trade was a 0.04% increase in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Insiders own 20.84% of the company's stock.

Institutional Trading of NewAmsterdam Pharma

Several institutional investors have recently added to or reduced their stakes in the stock. Legal & General Group Plc raised its holdings in shares of NewAmsterdam Pharma by 24.8% during the fourth quarter. Legal & General Group Plc now owns 22,946 shares of the company's stock worth $590,000 after purchasing an additional 4,556 shares during the period. American Century Companies Inc. bought a new position in shares of NewAmsterdam Pharma during the 4th quarter valued at about $8,907,000. Swiss National Bank boosted its position in shares of NewAmsterdam Pharma by 105.1% during the 4th quarter. Swiss National Bank now owns 72,000 shares of the company's stock valued at $1,850,000 after purchasing an additional 36,900 shares in the last quarter. Mirae Asset Global Investments Co. Ltd. bought a new position in shares of NewAmsterdam Pharma during the 4th quarter valued at about $80,000. Finally, Northern Trust Corp acquired a new position in shares of NewAmsterdam Pharma in the fourth quarter worth about $556,000. 89.89% of the stock is owned by institutional investors and hedge funds.

About NewAmsterdam Pharma

NewAmsterdam Pharma Company N.V., a late-stage biopharmaceutical company, develops therapies to enhance patient care in populations with metabolic disease. It is developing obicetrapib, an oral low-dose cholesteryl ester transfer protein (CETP) inhibitor, that is in various clinical trials as a monotherapy and a combination therapy with ezetimibe for lowering LDL-C for cardiovascular diseases.