Optimistic Buy Rating for NewAmsterdam Pharma: Strong Financials, Promising R&D, and Strategic Growth InitiativesValuation and Risks. We reiterate our Buy rating and $52 price target. Our valuation is based on our clinical net present value (NPV) model, which allows us to flex multiple assumptions affecting a drug's profile. We currently value NewAmsterdam based on the contribution of its late stage asset, obicetrapib, for LDL-C lowering (100% PoS) and CV risk reduction (75% PoS); in the U.S. 27% and 53% contribution, respectively, and currently split 10% each contribution for ex-U.S., which we believe higher market penetration based on the size of the addressable markets represents a conservative component in our model.