NewAmsterdam Pharma Co N.V. (NASDAQ:NAMS), a $2.35 billion market cap company that has delivered impressive returns of over 140% in the past year, has seen significant stock sales by Forbion funds, according to a recent SEC filing. The transactions, which took place on December 18 and 19, involved the sale of a total of 157,234 ordinary shares, amounting to approximately $4.07 million. According to InvestingPro analysis, the stock is currently trading near its 52-week high of $27.29, suggesting strong market confidence despite the insider sales.
The shares were sold at prices ranging from $25.4452 to $26.5496. The sales were executed on behalf of Forbion Growth Opportunities Fund I Cooperatief U.A. and Forbion Capital Fund IV Cooperatief U.A., both significant shareholders in NewAmsterdam Pharma. InvestingPro data shows the company maintains a strong financial position with a healthy current ratio of 10.61, indicating robust liquidity management.
Following these transactions, ForGrowth NAP B.V., the joint investment vehicle for the Forbion funds, reported ownership of 10,851,996 ordinary shares. This includes shares held directly and those allocated through PoolCo B.V., the entity managing the holdings for Forbion Growth I and Forbion IV. Subscribers to InvestingPro can access 13 additional investment tips and comprehensive analysis through the Pro Research Report, offering deeper insights into NAMS's valuation and growth prospects.
In other recent news, NewAmsterdam Pharma has been making significant strides in the pharmaceutical sector. The company's leading drug candidate, obicetrapib, reported positive Phase 3 clinical trial results, demonstrating a significant reduction in LDL-C, often referred to as bad cholesterol. Additionally, the trial revealed a 21% decrease in major adverse cardiovascular events (MACE) after just one year of patients beginning oral monotherapy with obicetrapib.
Scotiabank (TSX:BNS) responded to these developments by increasing its price target for NewAmsterdam Pharma shares to $47, maintaining a Sector Outperform rating. The company's promising results have also led to Leerink Partners raising their price target for NewAmsterdam to $45, while Piper Sandler and TD Cowen maintained positive ratings.
In other developments, the company announced the termination of its previously filed Automatic Teller Machine (ATM) Prospectus related to a $150 million share sale plan. NewAmsterdam also restated its financial statements for the years ending 2022 and 2021 and welcomed new board members, Mark C. McKenna and Wouter Joustra.
These recent developments highlight NewAmsterdam Pharma's commitment to innovation and growth in the pharmaceutical industry. The company's positive trial results and the subsequent analyst upgrades reflect the potential for its leading drug candidate, obicetrapib, to make a significant impact in the treatment of cardiovascular disease.
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