Shares of New Amsterdam (NAMS) climb after phase III data exceeds expectations
Shares of New Amsterdam (NAMS) climb after phase III data exceeds expectations
New Amsterdam Pharma Company N.V. (NASDAQ:NAMS) said early on December 10 its phase III Broadway trial of obicetrapib in adult patients with cardiovascular disease achieved a statistically significant reduction in LDL-C (p<0.0001), the trial’s primary endpoint.
New Amsterdam’s stock rose 41% on the news, closing at $26.19 per share on December 10, 2024. William Blair analyst said Matt Phipps said the phase III results considerably exceeded the bank’s previous data expectations.
Unlike statins and PCSK9 inhibitors, obicetrapib works by blocking the cholesterol ester transfer protein (CTEP). Drug companies previously invested heavily in CTEP inhibitors and experienced several costly failures as cardiovascular drugs require large, lengthy studies. New Amsterdam reacquired obicetrapib after Amgen, Inc. (NASDAQ:AMGN) discontinued development of the drug.
Since 2021, New Amsterdam has advanced the obicetrapib through four phase III trials, primarily positioning the drug as a complement to statin therapy. The objectives of the recent New Amsterdam trials have been changed to demonstrate the drug’s effectiveness to lower LDL-C, rather than to reduce the frequency and/or time to a heart attack or death.
New Amsterdam CEO Michael Davidson said while the Broadway results were “exploratory” now, the difference in major adverse cardiovascular events (MACE) at one year supports the company’s belief obicetrapib could provide greater than expected cardiovascular risk reductions through mechanisms beyond LDL-C lowering.
We issued a report on the phase III Broadway trial in October 2024 when New Amsterdam’s stock traded at $19.09 per share.
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On December 10, the company’s stock closed at $26.19 per share, reflecting an increase of 26.8%. SanaCurrents is discontinuing coverage of New Amsterdam but maintaining a position in the company’s stock.
Disclosures: Discontinuing coverage and exiting parts of position in NAMS.