09:31 AM EDT, 07/29/2024 (MT Newswires) -- NewAmsterdam Pharma ( NAMS ) said Monday that a phase 3 study of its potential cholesterol drug, obicetrapib, in patients with heterozygous familial hypercholesterolemia met the primary endpoint.

The study showed that patients, whose elevated low-density lipoprotein cholesterol is not controlled despite maximally tolerated lipid-lowering therapy, achieved 36.3% LDL cholesterol reduction compared with placebo at day 84 of obicetrapib treatment, and 41.5% after a year, the company said.

Reductions in other biomarkers, including HDL cholesterol, non-HDL-C, lipoprotein, and apolipoprotein B, also met statistical significance, according to NewAmsterdam.

The results, however, did not meet expectations, media reports said, citing William Blair analyst Matt Phipps who said he expected LDL cholesterol reduction to exceed 50% to push up the company's stock price.

NewAmsterdam shares fell more than 24% in early Monday trading.

Price: 14.25, Change: -4.61, Percent Change: -24.44