NewAmsterdam Pharma (NASDAQ:NAMS) Shares Gap Up After Earnings Beat

Shares of NewAmsterdam Pharma Company N.V. (NASDAQ:NAMS) gapped up before the market opened on Wednesday following a better than expected earnings announcement. The stock had previously closed at $19.90, but opened at $22.26. NewAmsterdam Pharma shares last traded at $19.9750, with a volume of 37,448 shares.

The company reported ($0.14) EPS for the quarter, topping the consensus estimate of ($0.49) by $0.35. NewAmsterdam Pharma had a negative return on equity of 34.81% and a negative net margin of 3,644.21%. The business had revenue of $19.16 million for the quarter, compared to the consensus estimate of $7.54 million.

Wall Street Analysts Forecast Growth

A number of equities analysts recently issued reports on NAMS shares. Jefferies Financial Group reiterated a “buy” rating and issued a $45.00 price target on shares of NewAmsterdam Pharma in a research note on Monday, July 20th. HC Wainwright restated a “buy” rating and set a $52.00 price objective on shares of NewAmsterdam Pharma in a research note on Tuesday, September 8th. Wall Street Zen raised shares of NewAmsterdam Pharma from a “sell” rating to a “hold” rating in a report on Sunday. BMO Capital Markets began coverage on shares of NewAmsterdam Pharma in a research note on Monday, July 20th. They issued an “outperform” rating and a $58.00 target price on the stock. Finally, Royal Bank Of Canada cut their price target on shares of NewAmsterdam Pharma from $50.00 to $42.00 and set an “outperform” rating on the stock in a report on Monday, October 5th. One analyst has rated the stock with a Strong Buy rating, nine have assigned a Buy rating, one has assigned a Hold rating and one has assigned a Sell rating to the company’s stock. According to data from MarketBeat, NewAmsterdam Pharma has an average rating of “Moderate Buy” and an average target price of $48.90.

Insider Activity

In related news, Director John W. Smither sold 1,600 shares of the firm’s stock in a transaction that occurred on Friday, September 4th. The shares were sold at an average price of $25.32, for a total value of $40,512.00. Following the sale, the director owned 8,760 shares in the company, valued at approximately $221,803.20. This trade represents a 15.44% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, CEO Michael H. Davidson bought 10,000 shares of the business’s stock in a transaction on Monday, September 14th. The stock was bought at an average cost of $22.65 per share, with a total value of $226,500.00. Following the transaction, the chief executive officer owned 792,923 shares in the company, valued at $17,959,705.95. This trade represents a 1.28% increase in their position. The disclosure for this purchase is available in the SEC filing. Insiders sold 176,846 shares of company stock valued at $4,661,919 over the last three months. Insiders own 12.74% of the company’s stock.

Hedge Funds Weigh In On NewAmsterdam Pharma

Several hedge funds and other institutional investors have recently modified their holdings of the company. KBC Group NV bought a new stake in shares of NewAmsterdam Pharma in the first quarter worth $37,000. Parallel Advisors LLC lifted its holdings in NewAmsterdam Pharma by 43.7% in the third quarter. Parallel Advisors LLC now owns 2,012 shares of the company’s stock valued at $49,000 after acquiring an additional 612 shares during the period. Mirae Asset Global Investments Co. Ltd. bought a new position in NewAmsterdam Pharma in the third quarter valued at about $149,000. CenterBook Partners LP purchased a new position in NewAmsterdam Pharma in the third quarter worth about $290,000. Finally, PNC Financial Services Group Inc. boosted its position in NewAmsterdam Pharma by 147.7% in the first quarter. PNC Financial Services Group Inc. now owns 9,119 shares of the company’s stock worth $292,000 after purchasing an additional 5,437 shares during the last quarter. 89.89% of the stock is owned by institutional investors.

NewAmsterdam Pharma Price Performance

The firm has a 50-day simple moving average of $22.56 and a 200-day simple moving average of $29.71. The firm has a market capitalization of $2.41 billion, a PE ratio of -9.34 and a beta of 0.15.

About NewAmsterdam Pharma

NewAmsterdam Pharma (NASDAQ: NAMS) is a clinical-stage biopharmaceutical company focused on developing therapies for cardiometabolic diseases. The company’s primary investigational product is obicetrapib, an oral, low-dose cholesteryl ester transfer protein (CETP) inhibitor designed to reduce low-density lipoprotein cholesterol and potentially address residual cardiovascular risk in patients who remain inadequately controlled on existing treatments.

NewAmsterdam is evaluating obicetrapib in late-stage clinical studies involving patients with dyslipidemia, including individuals with heterozygous familial hypercholesterolemia and patients who are unable to reach cholesterol goals with currently available therapies.