Amarin’s (AMRN) Positive Rating Reiterated at HC Wainwright

HC Wainwright restated their positive rating on shares of Amarin (NASDAQ:AMRN) in a research report released on Friday, The Fly reports. HC Wainwright currently has a $31.00 price target on the biopharmaceutical company’s stock.

“Based on our increasingly positive view on Vascepa’s market acceptance, especially in specific subpopulations where there may be significant benefits in primary prevention of CV risks, we are increasing our projected peak penetration for Vascepa in high-TG population from 15% to 20%. Our new price target of $31 (up from $20) is based on equally weighted average of: (a) $34.84/share, as a 20x multiple of taxed and diluted FY23 GAAP EPS of $5.32 discounted back to and (b) an NPV of $27.38/share (discount rate 10%, growth rate 2%).”,” the firm’s analyst wrote.

AMRN has been the topic of a number of other research reports. BidaskClub raised shares of Amarin from a hold rating to a buy rating in a report on Friday, October 26th. Zacks Investment Research cut shares of Amarin from a hold rating to a sell rating in a research note on Tuesday, July 24th. Citigroup restated a buy rating and set a $25.00 target price (up previously from $17.00) on shares of Amarin in a research note on Tuesday, October 16th. ValuEngine cut shares of Amarin from a buy rating to a hold rating in a research note on Saturday, July 28th. Finally, Cantor Fitzgerald raised their target price on shares of Amarin from $15.00 to $35.00 in a research note on Friday, October 5th. One investment analyst has rated the stock with a sell rating, two have assigned a hold rating, four have given a buy rating and one has issued a strong buy rating to the company’s stock. The company presently has an average rating of Buy and an average price target of $27.80.

AMRN opened at $22.98 on Friday. The company has a market capitalization of $6.69 billion, a P/E ratio of -91.92 and a beta of 0.70. Amarin has a 12-month low of $2.35 and a 12-month high of $23.14.

Amarin (NASDAQ:AMRN) last posted its quarterly earnings data on Thursday, November 1st. The biopharmaceutical company reported ($0.08) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.09) by $0.01. The business had revenue of $55.00 million during the quarter, compared to analysts’ expectations of $60.63 million. The business’s quarterly revenue was up 16.8% compared to the same quarter last year. During the same period in the previous year, the business posted ($0.04) EPS. As a group, analysts expect that Amarin will post -0.42 EPS for the current year.

In other news, General Counsel Joseph T. Kennedy sold 23,307 shares of Amarin stock in a transaction that occurred on Wednesday, October 31st. The shares were sold at an average price of $20.74, for a total transaction of $483,387.18. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, insider Steven B. Ketchum sold 17,042 shares of Amarin stock in a transaction that occurred on Wednesday, October 31st. The shares were sold at an average price of $20.74, for a total transaction of $353,451.08. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 3,016,149 shares of company stock worth $34,812,617. 4.08% of the stock is owned by company insiders.

Several institutional investors have recently added to or reduced their stakes in AMRN. Alps Advisors Inc. bought a new stake in shares of Amarin during the second quarter valued at approximately $1,203,000. TD Asset Management Inc. raised its position in shares of Amarin by 54.4% during the second quarter. TD Asset Management Inc. now owns 134,207 shares of the biopharmaceutical company’s stock valued at $415,000 after buying an additional 47,300 shares during the last quarter. GSA Capital Partners LLP raised its position in shares of Amarin by 66.3% during the second quarter. GSA Capital Partners LLP now owns 162,800 shares of the biopharmaceutical company’s stock valued at $503,000 after buying an additional 64,900 shares during the last quarter. BlackRock Inc. raised its position in shares of Amarin by 1.4% during the second quarter. BlackRock Inc. now owns 3,392,430 shares of the biopharmaceutical company’s stock valued at $10,482,000 after buying an additional 46,957 shares during the last quarter. Finally, FMR LLC raised its position in shares of Amarin by 57.7% during the second quarter. FMR LLC now owns 5,335,221 shares of the biopharmaceutical company’s stock valued at $16,486,000 after buying an additional 1,952,118 shares during the last quarter. Hedge funds and other institutional investors own 39.44% of the company’s stock.

Amarin Company Profile

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.

Further Reading: Earnings Per Share

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Analyst Recommendations for Amarin (NASDAQ:AMRN)

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