NewAmsterdam Pharma (NASDAQ:NAMS) Reaches New 52-Week High on Analyst Upgrade

NewAmsterdam Pharma (NASDAQ:NAMS)’s share price reached a new 52-week high during 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.

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

Insider Activity

In related news, major shareholder Nap B.V. Forgrowth sold 33,273 shares of the firm’s stock in a transaction dated Monday, November 18th. The shares were sold at an average price of $25.08, for a total value of $834,486.84. Following the transaction, the insider now directly owns 11,778,760 shares of the company’s stock, valued at approximately $295,411,300.80. This trade represents a 0.28 % decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, CAO Louise Frederika Kooij sold 45,000 shares of NewAmsterdam Pharma 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 worth $1,755,307 over the last three months. 19.50% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On NewAmsterdam Pharma

A number of hedge funds have recently made changes to their positions in the company. Barclays PLC increased its position in shares of NewAmsterdam Pharma by 1,813.4% during the third quarter. Barclays PLC now owns 7,596 shares of the company’s stock worth $126,000 after purchasing an additional 7,199 shares in the last quarter. Geode Capital Management LLC boosted its stake in NewAmsterdam Pharma by 1.6% during the 3rd quarter. Geode Capital Management LLC now owns 86,322 shares of the company’s stock worth $1,433,000 after purchasing an additional 1,399 shares during the last quarter. M&T Bank Corp grew its holdings in shares of NewAmsterdam Pharma by 54.1% during the third quarter. M&T Bank Corp now owns 27,328 shares of the company’s stock worth $454,000 after buying an additional 9,593 shares in the last quarter. Frazier Life Sciences Management L.P. raised its position 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 valued at $213,396,000 after buying an additional 628,251 shares during the last quarter. Finally, XTX Topco Ltd purchased a new position in shares of NewAmsterdam Pharma in the third quarter worth about $187,000. Institutional investors and hedge funds own 89.89% of the company’s stock.

NewAmsterdam Pharma Stock Performance

The business’s 50-day moving average is $20.40 and its two-hundred day moving average is $18.68.

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.