Needham & Company LLC Lowers NewAmsterdam Pharma (NASDAQ:NAMS) Price Target to $42.00

NewAmsterdam Pharma (NASDAQ:NAMS) had its price objective reduced by stock analysts at Needham & Company LLC from $46.00 to $42.00 in a research note issued on Thursday,Benzinga reports. The brokerage currently has a “buy” rating on the stock. Needham & Company LLC’s price objective points to a potential upside of 113.09% from the company’s current price.

Several other equities research analysts have also commented on the stock. Scotiabank boosted their target price on shares of NewAmsterdam Pharma from $35.00 to $47.00 and gave the stock a “sector outperform” rating in a research report on Wednesday, December 11th. HC Wainwright reaffirmed a “buy” rating and issued a $48.00 target price on shares of NewAmsterdam Pharma in a report on Tuesday, January 14th. Finally, Royal Bank of Canada reissued an “outperform” rating and set a $40.00 price target on shares of NewAmsterdam Pharma in a research note on Friday, January 24th. Six research analysts have rated the stock with a buy rating, According to data from MarketBeat.com, the stock has an average rating of “Buy” and an average target price of $42.80.

NewAmsterdam Pharma Stock Performance

Shares of NASDAQ:NAMS opened at $19.71 on Thursday. NewAmsterdam Pharma has a 52 week low of $15.19 and a 52 week high of $27.29. The company has a 50-day moving average price of $22.73 and a 200 day moving average price of $20.24.

NewAmsterdam Pharma (NASDAQ:NAMS) last posted its quarterly earnings results on Wednesday, February 26th. The company reported ($0.95) EPS for the quarter, missing the consensus estimate of ($0.48) by ($0.47). On average, research analysts forecast that NewAmsterdam Pharma will post -1.75 EPS for the current fiscal year.

Insider Activity

In other NewAmsterdam Pharma news, major shareholder Nap B.V. Forgrowth sold 100,728 shares of the firm’s stock in a transaction dated Wednesday, December 18th. The shares were sold at an average price of $26.10, for a total value of $2,629,000.80. Following the transaction, the insider now owns 10,908,502 shares of the company’s stock, valued at $284,711,902.20. This trade represents a 0.91 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this link. In the last three months, insiders sold 404,927 shares of company stock worth $10,390,787. 19.50% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently bought and sold shares of NAMS. FMR LLC boosted its position in shares of NewAmsterdam Pharma by 35.6% during the 3rd quarter. FMR LLC now owns 330,412 shares of the company’s stock valued at $5,485,000 after purchasing an additional 86,712 shares in the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC increased its stake in shares of NewAmsterdam Pharma by 1,231.0% in the third quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 239,283 shares of the company’s stock worth $3,972,000 after acquiring an additional 221,305 shares during the last quarter. JPMorgan Chase & Co. increased its holdings in NewAmsterdam Pharma by 176.9% in the third quarter. JPMorgan Chase & Co. now owns 22,351 shares of the company’s stock worth $371,000 after buying an additional 14,280 shares during the last quarter. State Street Corp lifted its position in shares of NewAmsterdam Pharma by 168.7% in the third quarter. State Street Corp now owns 37,915 shares of the company’s stock worth $629,000 after buying an additional 23,805 shares during the last quarter. Finally, abrdn plc boosted its holdings in shares of NewAmsterdam Pharma by 69.8% during the 3rd quarter. abrdn plc now owns 129,060 shares of the company’s stock worth $2,142,000 after buying an additional 53,060 shares during the period. Institutional investors own 89.89% of the company’s stock.

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.