NewAmsterdam Pharma (NASDAQ:NAMS) Trading 7.5% Higher – Here’s What Happened

NewAmsterdam Pharma (NASDAQ:NAMS) shares traded up 7.5% during mid-day trading on Tuesday . The company traded as high as $21.72 and last traded at $21.66. 344,376 shares traded hands during mid-day trading, a decline of 48% from the average session volume of 663,484 shares. The stock had previously closed at $20.16.

Wall Street Analyst Weigh In

Several research firms have recently commented on NAMS. Needham & Company LLC reduced their target price on NewAmsterdam Pharma from $42.00 to $40.00 and set a “buy” rating for the company in a research note on Thursday, May 8th. UBS Group set a $41.00 price objective on NewAmsterdam Pharma in a report on Monday, March 3rd. Wall Street Zen upgraded NewAmsterdam Pharma from a “sell” rating to a “hold” rating in a research note on Friday, May 30th. Cantor Fitzgerald started coverage on NewAmsterdam Pharma in a report on Wednesday, June 4th. They set an “overweight” rating and a $42.00 target price on the stock. Finally, Scotiabank upped their price target on NewAmsterdam Pharma from $47.00 to $52.00 and gave the company a “sector outperform” rating in a research report on Thursday, February 27th. One analyst has rated the stock with a hold rating and seven have assigned a buy rating to the stock. According to MarketBeat, NewAmsterdam Pharma presently has an average rating of “Moderate Buy” and a consensus price target of $43.00.

NewAmsterdam Pharma Price Performance

The company has a fifty day moving average price of $17.82 and a 200 day moving average price of $20.86. The company has a market capitalization of $2.43 billion, a P/E ratio of -11.55 and a beta of -0.03.

NewAmsterdam Pharma (NASDAQ:NAMS) last issued its quarterly earnings data on Thursday, May 8th. The company reported ($0.49) EPS for the quarter, missing analysts’ consensus estimates of ($0.45) by ($0.04). The company had revenue of $2.98 million during the quarter, compared to analysts’ expectations of $1.46 million. On average, equities research analysts predict that NewAmsterdam Pharma will post -1.75 earnings per share for the current fiscal year.

Insider Transactions at NewAmsterdam Pharma

In other NewAmsterdam Pharma news, Director James N. Topper purchased 1,135 shares of the firm’s stock in a transaction dated Wednesday, March 26th. The stock was bought at an average price of $22.49 per share, with a total value of $25,526.15. Following the completion of the purchase, the director now owns 3,013,569 shares in the company, valued at $67,775,166.81. This trade represents a 0.04% increase in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Insiders own 20.84% of the company’s stock.

Institutional Investors Weigh In On NewAmsterdam Pharma

A number of hedge funds and other institutional investors have recently modified their holdings of the stock. Legal & General Group Plc raised its position in shares of NewAmsterdam Pharma by 24.8% during the 4th quarter. Legal & General Group Plc now owns 22,946 shares of the company’s stock worth $590,000 after buying an additional 4,556 shares in the last quarter. American Century Companies Inc. bought a new position in shares of NewAmsterdam Pharma in the fourth quarter valued at approximately $8,907,000. Swiss National Bank increased its stake in shares of NewAmsterdam Pharma by 105.1% during the fourth quarter. Swiss National Bank now owns 72,000 shares of the company’s stock valued at $1,850,000 after acquiring an additional 36,900 shares during the period. Mirae Asset Global Investments Co. Ltd. bought a new stake in NewAmsterdam Pharma during the fourth quarter worth approximately $80,000. Finally, Northern Trust Corp acquired a new stake in NewAmsterdam Pharma in the fourth quarter worth approximately $556,000. 89.89% of the stock is currently owned by institutional investors.

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.