Amarin’s (AMRN) Buy Rating Reiterated at Cantor Fitzgerald

Amarin (NASDAQ:AMRN)‘s stock had its “buy” rating reaffirmed by Cantor Fitzgerald in a research report issued on Thursday. They presently have a $35.00 price objective on the biopharmaceutical company’s stock. Cantor Fitzgerald’s target price points to a potential upside of 53.04% from the stock’s current price.

The analysts wrote, “. Post a solid quarter of execution, positive REDUCE-IT data, and ahead of what we expect to be more good data for REDUCE-IT at AHA on 11/10, we are reiterating our OW rating and 12-month PT of $35 for AMRN shares. We believe that the addressable market opportunity for Vascepa is still underappreciated, and that upwards earnings revisions of the peak sales for the drug should drive AMRN’s stock higher. The 3Q18 earnings call starts 7:30AM ET.””

Other analysts have also issued reports about the company. Zacks Investment Research raised Amarin from a “sell” rating to a “hold” rating in a report on Wednesday, August 8th. BidaskClub raised Amarin from a “sell” rating to a “hold” rating in a report on Wednesday, August 29th. HC Wainwright reissued a “buy” rating and set a $20.00 price objective (up from $10.00) on shares of Amarin in a report on Tuesday, September 25th. Jefferies Financial Group boosted their price objective on Amarin from $7.00 to $15.00 and gave the stock a “buy” rating in a report on Tuesday, September 25th. Finally, Citigroup boosted their price objective on Amarin from $5.00 to $17.00 and gave the stock a “reduce” rating in a report on Tuesday, September 25th. Two research analysts have rated the stock with a hold rating, four have issued a buy rating and one has assigned a strong buy rating to the company. The stock has an average rating of “Buy” and a consensus price target of $27.25.

Shares of Amarin stock opened at $22.87 on Thursday. Amarin has a one year low of $2.35 and a one year high of $23.10. The stock has a market capitalization of $6.07 billion, a P/E ratio of -91.48 and a beta of 0.45.

Amarin (NASDAQ:AMRN) last issued its earnings results on Thursday, November 1st. The biopharmaceutical company reported ($0.08) EPS for the quarter, beating analysts’ consensus estimates of ($0.09) by $0.01. The firm had revenue of $55.00 million during the quarter, compared to the consensus estimate of $60.63 million. During the same period in the previous year, the firm earned ($0.04) earnings per share. The business’s quarterly revenue was up 16.8% on a year-over-year basis. On average, equities analysts anticipate that Amarin will post -0.42 earnings per share for the current fiscal year.

In other Amarin news, General Counsel Joseph T. Kennedy sold 23,307 shares of the business’s stock in a transaction that occurred on Wednesday, October 31st. The stock was sold at an average price of $20.74, for a total transaction of $483,387.18. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, insider Steven B. Ketchum sold 17,042 shares of the business’s stock in a transaction that occurred on Wednesday, October 31st. The stock was sold at an average price of $20.74, for a total value of $353,451.08. The disclosure for this sale can be found here. Insiders have sold a total of 3,016,149 shares of company stock valued at $34,812,617 over the last three months. Corporate insiders own 4.08% of the company’s stock.

Hedge funds and other institutional investors have recently made changes to their positions in the company. FMR LLC boosted its stake in shares of Amarin by 57.7% in the 2nd quarter. FMR LLC now owns 5,335,221 shares of the biopharmaceutical company’s stock worth $16,486,000 after buying an additional 1,952,118 shares during the last quarter. GSA Capital Partners LLP boosted its stake in shares of Amarin by 66.3% in the 2nd quarter. GSA Capital Partners LLP now owns 162,800 shares of the biopharmaceutical company’s stock worth $503,000 after buying an additional 64,900 shares during the last quarter. State of New Jersey Common Pension Fund D purchased a new position in shares of Amarin in the 3rd quarter worth approximately $3,254,000. Alps Advisors Inc. purchased a new position in shares of Amarin in the 2nd quarter worth approximately $1,317,000. Finally, EULAV Asset Management purchased a new position in shares of Amarin in the 3rd quarter worth approximately $15,456,000. Hedge funds and other institutional investors own 39.09% of the company’s stock.

About Amarin

Amarin Corporation plc, a biopharmaceutical company, focuses on the development and commercialization of therapeutics for the treatment of cardiovascular diseases in the United States. The company's lead product is Vascepa, a prescription-only omega-3 fatty acid capsule, used as an adjunct to diet for reducing triglyceride levels in adult patients with severe hypertriglyceridemia.

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