Scotiabank starts NewAmsterdam at Outperform on cholesteryl-lowering agent

Scotiabank last night initiated coverage of NewAmsterdam Pharma with an Outperform rating and $35 price target. The analyst recommends buying shares of NewAmsterdam to capture the value potential of the company’s lead cholesteryl-lowering agent, obicetrapib, which is in clinical development for the treatment of cardiovascular disease and familial hypercholesterolemia. The Phase 2 results show that obicetrapib treatment leads to a significant reduction of LDL cholesterol when administered along with standard-of-care statin therapy, the analyst tells investors in a research note. The firm says there is a “massive” cardiovascular disease market opportunity. A