Jefferies says Esperion (ESPR) shares have pulled back on competitor NewAmsterdam Pharma’s (NAMS) Phase III topline for its novel CETP inhibitor, which had 33% placebo adjusted low-density lipoprotein cholesterol reduction and also “promising” early 21% major adverse cardiovascular events benefit at one year. The firm is not surprised by Esperion’s sell given that the stock had a 100% rally over the last two months “on seemingly no news.” NewAmsterdam’s data compare favorably versus Esperion’s Nexletol, which had 18% LDL reduction at week 12 and 13% MACE benefit, contends Jefferies. However, the firm says NewAmsterdam’ data isn’t necessarily “new” as BROADWAY is the third Phase III trial that was disclosed and prior data from the company already showed a 35% LDL reduction with obicetrapib monotherapy. It keeps a Buy rating on Esperion with a $5 price target. The stock in morning trading is continuing yesterday’s selloff, trading down 21% to $2.41.
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