NewAmsterdam Pharma (NASDAQ:NAMS) Sets New 1-Year High Following Analyst Upgrade

NewAmsterdam Pharma (NASDAQ:NAMS)’s share price hit a new 52-week high during mid-day trading on Wednesday after Scotiabank raised their price target on the stock from $35.00 to $47.00. Scotiabank currently has a sector outperform rating on the stock. NewAmsterdam Pharma traded as high as $27.29 and last traded at $26.15, with a volume of 208418 shares. The stock had previously closed at $26.19.

Several other research analysts have also issued reports on the company. Needham & Company LLC reaffirmed a “buy” rating and set a $36.00 target price on shares of NewAmsterdam Pharma in a research report on Thursday, December 5th. Royal Bank of Canada restated an “outperform” rating and set a $31.00 price objective on shares of NewAmsterdam Pharma in a report on Thursday, September 5th. Finally, Piper Sandler reiterated an “overweight” rating and issued a $37.00 target price on shares of NewAmsterdam Pharma in a research note on Monday, September 23rd. Six equities research analysts have rated the stock with a buy rating, According to data from MarketBeat.com, NewAmsterdam Pharma presently has an average rating of “Buy” and an average target price of $36.20.

Insider Buying and Selling

In related news, major shareholder Nap B.V. Forgrowth sold 33,273 shares of the business’s stock in a transaction on Monday, November 18th. The shares were sold at an average price of $25.08, for a total transaction of $834,486.84. Following the completion of the transaction, the insider now directly owns 11,778,760 shares in the company, valued at $295,411,300.80. The trade was a 0.28 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, CAO Louise Frederika Kooij sold 45,000 shares of the stock in a transaction dated Tuesday, October 1st. The stock was sold at an average price of $15.72, for a total value of $707,400.00. The disclosure for this sale can be found here. Insiders sold 86,803 shares of company stock valued at $1,755,307 over the last quarter. 19.50% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On NewAmsterdam Pharma

Hedge funds and other institutional investors have recently made changes to their positions in the company. Frazier Life Sciences Management L.P. boosted its stake in shares of NewAmsterdam Pharma by 5.1% in the third quarter. Frazier Life Sciences Management L.P. now owns 12,855,194 shares of the company’s stock worth $213,396,000 after acquiring an additional 628,251 shares during the last quarter. Janus Henderson Group PLC lifted its position in NewAmsterdam Pharma by 51.1% during the third quarter. Janus Henderson Group PLC now owns 1,540,729 shares of the company’s stock worth $25,607,000 after buying an additional 520,772 shares in the last quarter. Millennium Management LLC boosted its stake in NewAmsterdam Pharma by 23.0% during the second quarter. Millennium Management LLC now owns 1,165,429 shares of the company’s stock worth $22,388,000 after buying an additional 217,902 shares during the last quarter. Jennison Associates LLC boosted its stake in NewAmsterdam Pharma by 8.9% during the third quarter. Jennison Associates LLC now owns 1,020,278 shares of the company’s stock worth $16,937,000 after buying an additional 83,115 shares during the last quarter. Finally, Deerfield Management Company L.P. Series C raised its holdings in shares of NewAmsterdam Pharma by 30.3% during the 2nd quarter. Deerfield Management Company L.P. Series C now owns 869,250 shares of the company’s stock worth $16,698,000 after acquiring an additional 202,250 shares during the period. Institutional investors and hedge funds own 89.89% of the company’s stock.

NewAmsterdam Pharma Stock Performance

The company’s 50-day moving average is $20.08 and its 200-day moving average is $18.58.

NewAmsterdam Pharma Company Profile

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.