Royal Bank of Canada Reaffirms “Outperform” Rating for NewAmsterdam Pharma (NASDAQ:NAMS)

NewAmsterdam Pharma (NASDAQ:NAMS)‘s stock had its “outperform” rating reiterated by analysts at Royal Bank of Canada in a research note issued to investors on Friday,Benzinga reports. They currently have a $40.00 target price on the stock. Royal Bank of Canada’s target price points to a potential upside of 69.49% from the stock’s previous close.

Several other analysts have also recently commented on the stock. Scotiabank lifted their price objective on shares of NewAmsterdam Pharma from $35.00 to $47.00 and gave the company a “sector outperform” rating in a research note on Wednesday, December 11th. Needham & Company LLC reissued a “buy” rating and set a $36.00 target price on shares of NewAmsterdam Pharma in a report on Thursday, December 5th. Finally, HC Wainwright reaffirmed a “buy” rating and issued a $48.00 price target on shares of NewAmsterdam Pharma in a report on Tuesday, January 14th. Six investment analysts have rated the stock with a buy rating, According to MarketBeat.com, the company currently has an average rating of “Buy” and an average target price of $41.60.

NewAmsterdam Pharma Stock Performance

Shares of NASDAQ:NAMS opened at $23.60 on Friday. The business has a 50-day moving average price of $23.55 and a 200-day moving average price of $19.94. NewAmsterdam Pharma has a 52-week low of $15.19 and a 52-week high of $27.29.

Insider Activity at NewAmsterdam Pharma

In other news, major shareholder Nap B.V. Forgrowth sold 100,728 shares of the firm’s stock in a transaction dated Wednesday, December 18th. The stock was sold at an average price of $26.10, for a total transaction of $2,629,000.80. Following the sale, the insider now directly owns 10,908,502 shares in the company, valued at $284,711,902.20. This trade represents a 0.91 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Insiders sold a total of 446,730 shares of company stock worth $11,438,695 in the last three months. Company insiders own 19.50% of the company’s stock.

Hedge Funds Weigh In On NewAmsterdam Pharma

A number of large investors have recently bought and sold shares of NAMS. Sei Investments Co. increased its position in shares of NewAmsterdam Pharma by 49.1% in the second quarter. Sei Investments Co. now owns 24,561 shares of the company’s stock valued at $472,000 after buying an additional 8,087 shares in the last quarter. Millennium Management LLC grew its stake in NewAmsterdam Pharma by 23.0% in the 2nd quarter. Millennium Management LLC now owns 1,165,429 shares of the company’s stock valued at $22,388,000 after acquiring an additional 217,902 shares during the period. abrdn plc increased its holdings in NewAmsterdam Pharma by 69.8% in the 3rd quarter. abrdn plc now owns 129,060 shares of the company’s stock worth $2,142,000 after acquiring an additional 53,060 shares in the last quarter. TimesSquare Capital Management LLC raised its position in NewAmsterdam Pharma by 3.7% during the third quarter. TimesSquare Capital Management LLC now owns 255,245 shares of the company’s stock worth $4,237,000 after acquiring an additional 9,160 shares during the period. Finally, Lisanti Capital Growth LLC purchased a new position in NewAmsterdam Pharma during the third quarter valued at $700,000. Institutional investors and hedge funds 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.