Amarin (AMRN) Reaches New 12-Month High Following Analyst Upgrade

Amarin Co. plc (NASDAQ:AMRN) shares reached a new 52-week high during trading on Monday after SunTrust Banks raised their price target on the stock to $30.00. SunTrust Banks currently has a reduce rating on the stock. Amarin traded as high as $23.14 and last traded at $22.99, with a volume of 325840 shares traded. The stock had previously closed at $22.87.

Several other research analysts have also commented on AMRN. Cantor Fitzgerald set a $10.00 price target on Amarin and gave the stock a “buy” rating in a research report on Wednesday, July 18th. Zacks Investment Research lowered Amarin from a “hold” rating to a “sell” rating in a research report on Tuesday, July 24th. ValuEngine lowered Amarin from a “buy” rating to a “hold” rating in a report on Saturday, July 28th. Finally, BidaskClub raised Amarin from a “sell” rating to a “hold” rating in a report on Wednesday, August 29th. One investment analyst has rated the stock with a sell rating, two have assigned a hold rating, four have issued a buy rating and one has given a strong buy rating to the company’s stock. The company currently has a consensus rating of “Buy” and a consensus price target of $27.80.

In other 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 value of $483,387.18. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, insider Steven B. Ketchum sold 879,241 shares of the business’s stock in a transaction that occurred on Tuesday, September 25th. The shares were sold at an average price of $11.10, for a total value of $9,759,575.10. The disclosure for this sale can be found here. In the last three months, insiders sold 3,016,149 shares of company stock worth $34,812,617. Corporate insiders own 4.08% of the company’s stock.

Several large investors have recently added to or reduced their stakes in the company. Signature Estate & Investment Advisors LLC acquired a new position in shares of Amarin in the third quarter valued at approximately $137,000. BKS Advisors LLC acquired a new position in shares of Amarin in the third quarter valued at approximately $162,000. Private Advisor Group LLC increased its holdings in shares of Amarin by 17.8% in the third quarter. Private Advisor Group LLC now owns 79,735 shares of the biopharmaceutical company’s stock valued at $1,297,000 after purchasing an additional 12,049 shares during the period. Cambridge Investment Research Advisors Inc. increased its holdings in shares of Amarin by 165.5% in the third quarter. Cambridge Investment Research Advisors Inc. now owns 31,125 shares of the biopharmaceutical company’s stock valued at $506,000 after purchasing an additional 19,400 shares during the period. Finally, Northern Trust Corp increased its holdings in shares of Amarin by 20.9% in the second quarter. Northern Trust Corp now owns 113,327 shares of the biopharmaceutical company’s stock valued at $350,000 after purchasing an additional 19,590 shares during the period. 39.44% of the stock is currently owned by institutional investors and hedge funds.

The firm has a market capitalization of $6.69 billion, a price-to-earnings ratio of -91.92 and a beta of 0.70.

Amarin (NASDAQ:AMRN) last announced its quarterly earnings data on Thursday, November 1st. The biopharmaceutical company reported ($0.08) earnings per share for the quarter, topping the Zacks’ consensus estimate of ($0.09) by $0.01. The business had revenue of $55.00 million for the quarter, compared to analyst estimates of $60.63 million. During the same period in the prior year, the company earned ($0.04) EPS. The company’s revenue was up 16.8% on a year-over-year basis. Sell-side analysts expect that Amarin Co. plc will post -0.42 EPS for the current year.

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Amarin Company Profile (NASDAQ:AMRN)

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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