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Mayur Ian Somaiya, Chief Financial Officer of NewAmsterdam Pharma Co N.V. (NASDAQ:NAMS), a $2.24 billion market cap pharmaceutical company, recently executed several transactions involving the company’s ordinary shares, according to a recent SEC filing. According to InvestingPro data, the stock has declined 8.22% over the past week. On January 27 and 28, Somaiya sold a total of 61,883 shares in multiple transactions. The shares were sold at prices ranging from $20.93 to $23.75 per share, amounting to approximately $1.5 million.
In addition to the sales, Somaiya acquired 61,883 shares through option exercises at a price of $9.26 per share. Following these transactions, Somaiya holds 38,000 shares directly. These transactions were conducted under a pre-established trading plan compliant with SEC Rule 10b5-1.
In other recent news, NewAmsterdam Pharma Company N.V. is preparing for global regulatory submissions for its cholesterol-lowering drug candidate, obicetrapib. The company reported an unaudited cash balance of $835 million at the end of the previous year, following a successful public offering. Positive results from three Phase 3 trials have set the stage for the anticipated regulatory filings. H.C. Wainwright has issued a Buy rating for NewAmsterdam, emphasizing obicetrapib’s potential to revolutionize cholesterol management. Scotiabank (TSX:BNS) and Leerink Partners have also upgraded their price targets for the company.
Furthermore, NewAmsterdam has suspended and terminated its previously filed Automatic Teller Machine (ATM) Prospectus related to a $150 million share sale plan. The company has also restated its financial statements for the years ending 2022 and 2021 due to identified errors in the calculation of net loss per ordinary share. New board members, Mark C. McKenna and Wouter Joustra, have joined the company. These are recent developments in NewAmsterdam’s operations.
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