NewAmsterdam Pharma (NAMS) said Monday its experimental drug lowered "bad" LDL cholesterol by almost 42% over a year, but the results were slightly below expectations. The biotech stock dropped sharply in premarket trades.
The company studied its drug in patients with high LDL cholesterol due to a genetic condition called heterozygous familial hypercholesterolemia. The patients were all on maximally tolerated treatments for their high cholesterol before receiving NewAmsterdam's obicetrapib.
After 12 weeks, obicetrapib recipients had a 36.3% LDL cholesterol reduction compared with the placebo group. At the year mark, LDL cholesterol was 41.5% lower. The results fell short of analysts' expectations. The study outcome met NewAmsterdam's goal, but narrowly missed earlier testing in which obicetrapib lowered LDL cholesterol by 43% to 51%.
William Blair analyst Matt Phipps expected obicetrapib, in this study called Brooklyn, to reduce LDL cholesterol at the higher end of that previous range.
"We do believe approaching or exceeding a 50% LDL reduction can drive upside to current share prices," he said.
https://www.investors.com/news/technology/biotech-stock-newamsterdam-cholesterol-drug-obicetrapib/
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