Amarin Co. plc Rating Lowered to Hold at Aegis (AMRN)
Amarin Co. plc (NASDAQ:AMRN) was downgraded by investment analysts at Aegis from a “buy” rating to a “hold” rating in a note issued to investors on Wednesday, TheFlyOnTheWall.com reports. They currently have a $30.00 target price on the stock. Aegis’ price target points to a potential upside of 480.27% from the stock’s previous close.
The analysts wrote, “On Wednesday, October 16, 2013, the FDA held an advisory committee meeting to discuss the approvability of a supplemental NDA (sNDA) for Amarin’s lead drug Vascepa in the treatment of mixed dyslipidemia. The panel voted 9-2 against recommending approval of Vascepa in mixed dyslipidemia ahead of the release of data from the REDUCE-IT outcomes trial. Since the REDUCE-IT study is unlikely to report data before late 2016, based on comments during the panel discussion, we now believe that the stock could be range-bound for a significant period of time. In addition, there is now clearly a very high likelihood that the firm will receive a Complete Response Letter (CRL) from the FDA on the sNDA for Vascepa in mixed dyslipidemia. Since the company will in all likelihood need to raise additional capital in order to fund operations through to the release of data from the REDUCEIT study, we are downgrading our rating from Buy to Hold without a price target on Amarin shares.”
Several other analysts have also recently commented on the stock. Analysts at SunTrust downgraded shares of Amarin Co. plc from a “buy” rating to a “neutral” rating in a research note to investors on Wednesday. Separately, analysts at Oppenheimer cut their price target on shares of Amarin Co. plc from $7.00 to $6.00 in a research note to investors on Monday. They now have a “market perform” rating on the stock. Finally, analysts at Leerink Swann reiterated an “outperform” rating on shares of Amarin Co. plc in a research note to investors on Monday. Eight investment analysts have rated the stock with a hold rating and five have issued a buy rating to the stock. Amarin Co. plc currently has a consensus rating of “Hold” and a consensus target price of $10.38.
Shares of Amarin Co. plc (NASDAQ:AMRN) traded down 62.19% on Wednesday, hitting $1.955. The stock had a trading volume of 43,899,992 shares. Amarin Co. plc has a 52 week low of $4.50 and a 52 week high of $12.96. The stock has a 50-day moving average of $6.47 and a 200-day moving average of $6.42. The company’s market cap is $337.5 million. Amarin Co. plc also was the recipient of some unusual options trading activity on Monday. Traders purchased 38,228 call options on the company. This is an increase of 179% compared to the average daily volume of 13,680 call options.
Amarin Co. plc (NASDAQ:AMRN) last released its earnings data on Thursday, August 8th. The company reported ($0.26) earnings per share for the quarter, beating the analysts’ consensus estimate of ($0.38) by $0.12. The company had revenue of $5.50 million for the quarter. On average, analysts predict that Amarin Co. plc will post $-1.39 earnings per share for the current fiscal year.
Amarin Corporation plc (NASDAQ:AMRN) is a late-stage biopharmaceutical -company with expertise in lipid science focused on the treatment of cardiovascular disease.
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