NewAmsterdam initiated with a Buy at Jefferies

Jefferies analyst Dennis Ding initiated coverage of NewAmsterdam Pharma with a Buy rating and $24 price target. The company is already in multiple Phase III trials "so there is a steady cadence of late stage readouts over the next few years," Ding tells investors in a research note. The analyst NewAmsterdam’s path forward as "relatively derisked despite debate around the CETP inhibitor class." The company is flush with cash and its valuation is "cheap" given the potential $3B-$4B blockbuster opportunity as a novel once daily LDL pill, writes Ding.