NewAmsterdam price target raised to $40 from $31 at RBC Capital

RBC Capital raised the firm’s price target on NewAmsterdam Pharma (NAMS) to $40 from $31 and keeps an Outperform rating on the shares. The company announced positive Phase III data from the BROADWAY clinical trial evaluating obicetrapib in adult patients with established atherosclerotic cardiovascular disease and/or heterozygous familial hypercholesterolemia, the analyst tells investors in a research note. The firm is “impressed” by the early signals of major adverse cardiovascular events and mortality benefit, which it believes suggest the drug’s action on multiple metabolic parameters is a “real and driving a benefit.” RbC also likes the overall consistency of the safety and efficacy profile. It now sees the PREVAIL study as 80% likely to drive a meaningful outcomes benefit and unlock over $1.4B in U.S. sales by 2033.