Promising Outlook for NewAmsterdam Pharma: Buy Rating Supported by Favorable Market Trends and Competitive AdvantagesWe continue to think the PREVAIL will confirm a strong (>20%) and differentiated profile for obicetrapib, unlocking a large blockbuster opportunity. There continues to be investor focus on HORIZON/pelacarsen (1H26) as a potential incremental de-risker for PREVAIL. There's also some concern however that if it disappoints, it could read negatively onto NAMS given the hypothesized effect of Lp(a) in obicetrapib's early MACE data. As we think about it, we see basically two scenarios here: pelacarsen shows a >15% MACE benefit or its effect is more marginal (say +/- ~10%)--given the strength of data behind Lp(a), we'd be surprised if there was no effect at all.