Scotiabank Forecasts Strong Price Appreciation for NewAmsterdam Pharma (NASDAQ:NAMS) Stock

NewAmsterdam Pharma (NASDAQ:NAMS) had its price target raised by investment analysts at Scotiabank from $47.00 to $52.00 in a report released on Thursday,Benzinga reports. The firm currently has a “sector outperform” rating on the stock. Scotiabank’s price objective would suggest a potential upside of 147.09% from the stock’s previous close.

Other equities research analysts have also recently issued research reports about the company. Royal Bank of Canada reissued an “outperform” rating and issued a $40.00 price target on shares of NewAmsterdam Pharma in a research note on Friday, January 24th. HC Wainwright reissued a “buy” rating and issued a $48.00 price target on shares of NewAmsterdam Pharma in a research note on Tuesday, January 14th. Finally, Needham & Company LLC lowered their price target on NewAmsterdam Pharma from $46.00 to $42.00 and set a “buy” rating for the company in a research note on Thursday. 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 $43.80.

NewAmsterdam Pharma Price Performance

NewAmsterdam Pharma stock traded up $1.34 during midday trading on Thursday, hitting $21.05. The company’s stock had a trading volume of 432,220 shares, compared to its average volume of 645,951. The stock’s 50-day moving average price is $22.73 and its 200-day moving average price is $20.24. NewAmsterdam Pharma has a 12 month low of $15.19 and a 12 month high of $27.29.

NewAmsterdam Pharma (NASDAQ:NAMS) last posted its quarterly earnings data on Wednesday, February 26th. The company reported ($0.95) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.48) by ($0.47). The business had revenue of $12.77 million during the quarter, compared to analysts’ expectations of $3.30 million. As a group, sell-side analysts anticipate that NewAmsterdam Pharma will post -1.75 EPS for the current fiscal year.

Insiders Place Their Bets

In other news, major shareholder Nap B.V. Forgrowth sold 166,011 shares of the company’s stock in a transaction that occurred on Thursday, December 12th. The stock was sold at an average price of $25.39, for a total transaction of $4,215,019.29. Following the completion of the transaction, the insider now directly owns 11,150,461 shares in the company, valued at $283,110,204.79. The trade was a 1.47 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Insiders sold 404,927 shares of company stock valued at $10,390,787 over the last 90 days. 19.50% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

Large investors have recently modified their holdings of the business. GF Fund Management CO. LTD. acquired a new position in shares of NewAmsterdam Pharma during the fourth quarter worth approximately $50,000. National Bank of Canada FI acquired a new position in shares of NewAmsterdam Pharma in the fourth quarter valued at $51,000. Mirae Asset Global Investments Co. Ltd. acquired a new position in shares of NewAmsterdam Pharma in the fourth quarter valued at $80,000. Quarry LP raised its stake in shares of NewAmsterdam Pharma by 2,469.2% in the third quarter. Quarry LP now owns 6,500 shares of the company’s stock valued at $108,000 after purchasing an additional 6,247 shares in the last quarter. Finally, Barclays PLC raised its stake in shares of NewAmsterdam Pharma by 1,813.4% in the third quarter. Barclays PLC now owns 7,596 shares of the company’s stock valued at $126,000 after purchasing an additional 7,199 shares in the last quarter. 89.89% of the stock is currently owned by institutional investors and hedge funds.

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.