Wells Fargo Starts NewAmsterdam Pharma Co NV (NAMS) at Overweight

Wells Fargo analyst Yanan Zhu initiates coverage on NewAmsterdam Pharma Co NV (NASDAQ: NAMS) with a Overweight rating and a price target of $45.00.

The analyst comments: "Promise of the new class. Besides lowering LDL cholesterol, the CETP inhibitor class can also shift LDL particle size to a less atherogenic profile and lower Lp(a) levels. These add'l benefits may underlie the greater-than-expected MACE reduction (relative to LDL-C lowering) observed for obicetrapib in BROADWAY and for anacetrapib in REVEAL. Also, CETP inhibitors may have anti-diabetic effects, which could make them an ideal combo partner to statins (which have new-onset diabetes signals).

NAMS has built obicetrapib on the foundations of 4 prior CETP inhibitors in the industry, with ample learnings on compound-specific matters (potency, PK, safety) & study design considerations (treatment duration and baseline LDL-C levels). With positive data from BROOKLYN & BROADWAY, we believe the ongoing CVOT study PREVAIL is set up for success, and we expect at least a 20% MACE reduction at the readout (study completion YE26).

The LDL-C lowering market is very large, with ~24 million individuals in the US on statins, but not at LDL-C goal. With CVOT data expected to be available at time of US launch, potentially in 2027, we think obicetrapib and obi-eze FDC tablets can capture a meaningful share of the market. We model US launch in 2027, with peak unadjusted sales of ~$3.5B, in addition to peak royalties of ~$450MM from Menarini for EU sales (MAA now under review)."

For an analyst ratings summary and ratings history on NewAmsterdam Pharma Co NV click here. For more ratings news on NewAmsterdam Pharma Co NV click here.

Shares of NewAmsterdam Pharma Co NV closed at $25.00 yesterday.

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