NAARDEN, the Netherlands and MIAMI - NewAmsterdam Pharma Company N.V. (NASDAQ:NAMS), a biopharmaceutical firm focused on developing oral therapies for cardiovascular disease (CVD), is set to release top-line data from its Phase 3 BROOKLYN trial on Monday, July 29. The trial assesses the efficacy of obicetrapib, a CETP inhibitor aimed at patients with elevated low-density lipoprotein cholesterol (LDL-C) who have not responded adequately to existing treatments.
The announcement will be followed by a live webcast and conference call at 8:30 a.m. ET to discuss the findings. Interested parties can register for the webcast on the company's Investor Relations website or sign up in advance to participate via telephone. An archived replay will subsequently be available on the NewAmsterdam website.
NewAmsterdam's mission is to address unmet needs in the treatment of metabolic diseases, particularly for patients who cannot tolerate or do not achieve desired results with current LDL-C lowering therapies. Obicetrapib is being tested as a potential adjunct to statin therapy, either alone or in combination with ezetimibe, another cholesterol-lowering drug.
The company's focus is on providing safe, tolerable, and convenient therapy options for individuals at risk of CVD. The outcome of the BROOKLYN trial could have significant implications for the future of CVD treatment and patient care in this demographic.
The information for this article is based on a press release statement from NewAmsterdam Pharma Company N.V.
In other recent news, NewAmsterdam Pharma Co NV has been the subject of a positive review by TD Cowen, which initiated coverage on the company's stock with a Buy rating. The analyst's confidence stems from the potential of NewAmsterdam Pharma's drug candidate, Obicetrapib, an oral CETPi that could supplement standard-of-care treatments for lipid lowering. The firm also expressed optimism regarding the upcoming Phase III readouts for Obicetrapib, scheduled for various quarters through 2024 and 2025.
TD Cowen anticipates that the drug could generate over $3 billion in global sales following its projected launch in 2027. The firm also commended the strong management team at NewAmsterdam Pharma, asserting their capability to effectively develop and commercialize these treatments. These developments underscore the recent positive outlook for the company.
InvestingPro Insights
As NewAmsterdam Pharma Company N.V. (NASDAQ:NAMS) gears up to release pivotal data from its Phase 3 BROOKLYN trial, investors and industry observers are closely monitoring the company's financial health and market standing. Here are some insights from InvestingPro that could provide a broader context to the company's upcoming announcement:
The market capitalization of NewAmsterdam stands at $1.7 billion, reflecting the investment community's valuation of the company amidst its current endeavors. With a negative P/E ratio of -6.91 and an adjusted P/E ratio for the last twelve months as of Q1 2024 at -8.86, the company is currently not profitable, which aligns with the anticipation by analysts that NewAmsterdam will not be profitable this year, as per InvestingPro Tips.
Despite the challenges, the company has shown strong liquidity, holding more cash than debt on its balance sheet and having liquid assets that exceed short-term obligations. This financial stability could be crucial as the company continues to invest in its clinical trials and research.
InvestingPro Tips also highlight that two analysts have revised their earnings upwards for the upcoming period, suggesting a potential positive shift in expectations following the trial results. However, it's important to note that analysts anticipate a sales decline in the current year, which could be a point of concern for potential investors.
For those considering an investment in NewAmsterdam or seeking more in-depth analysis, InvestingPro offers additional tips to help make informed decisions. By using the coupon code PRONEWS24, investors can get up to 10% off a yearly Pro and a yearly or biyearly Pro+ subscription, unlocking further insights and data points.
Remember, there are more InvestingPro Tips available at: https://www.investing.com/pro/NAMS, including information on whether the company is trading at a high revenue valuation multiple and its dividend payment status, among others.
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