NewAmsterdam Pharma initiated with an Outperform at RBC Capital

RBC Capital initiated coverage of NewAmsterdam Pharma with an Outperform rating and $25 price target. The analyst believes the Street is overlooking the company given past failures of CETP inhibitors and gradual launches of recent lipid drugs. However, the company’s obicetrapib is a best-in-class molecule optimized for LDL reductions with an attractive therapeutic profile, the analyst tells investors in a research note. The firm looks for a “rapid” 2027 launch that can exceed historical comps, and sees a potential worldwide out-year sales opportunity of $2.1B.