Zacks Investment Research upgraded shares of Amarin (NASDAQ:AMRN) from a hold rating to a strong-buy rating in a research report sent to investors on Wednesday morning, Zacks.com reports. Zacks Investment Research currently has $4.00 target price on the biopharmaceutical company’s stock.
According to Zacks, “Amarin's sole marketed drug Vascepa has been on a strong growth trajectory for the last few years. Its recent label expansion for the cardiovascular indication looks promising. The promotional programs to create awareness for Vascepa’s expanded label and expanding managed care coverage bodes well for Amarin. It has launched the drug in Europe and plans to expand to the top 50 cardiometabolic markets worldwide over the next few years. These represent a multi-billion dollar opportunity. However, Vascepa sales declined year over year during the third quarter amid rising generic competition. The drug’s share in icosapent ethyl normalized prescriptions has declined so far in 2021. COVID-19 has hurt Vascepa sales, which is likely to continue in the rest of 2021.”
Separately, SVB Leerink reissued a buy rating and issued a $12.00 price objective on shares of Amarin in a research note on Sunday, September 26th. One analyst has rated the stock with a sell rating, three have issued a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat, the stock has an average rating of Buy and an average price target of $8.20.
Amarin (NASDAQ:AMRN) last announced its earnings results on Wednesday, November 3rd. The biopharmaceutical company reported ($0.03) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.04) by $0.01. Amarin had a positive return on equity of 1.89% and a negative net margin of 0.34%. The firm had revenue of $142.00 million for the quarter, compared to analyst estimates of $161.29 million. During the same quarter last year, the firm posted ($0.02) EPS. The business’s revenue was down 8.5% on a year-over-year basis. As a group, analysts forecast that Amarin will post -0.02 earnings per share for the current year.
In related news, Director Joseph S. Zakrzewski bought 10,000 shares of the business’s stock in a transaction on Tuesday, December 14th. The stock was acquired at an average cost of $3.27 per share, with a total value of $32,700.00. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. 2.67% of the stock is currently owned by corporate insiders.
Several institutional investors and hedge funds have recently modified their holdings of the business. B. Riley Wealth Management Inc. increased its stake in shares of Amarin by 14.8% in the 2nd quarter. B. Riley Wealth Management Inc. now owns 19,400 shares of the biopharmaceutical company’s stock worth $85,000 after acquiring an additional 2,500 shares during the last quarter. Court Place Advisors LLC boosted its holdings in Amarin by 32.4% during the 2nd quarter. Court Place Advisors LLC now owns 13,500 shares of the biopharmaceutical company’s stock valued at $59,000 after acquiring an additional 3,300 shares during the period. SG Americas Securities LLC boosted its holdings in Amarin by 25.5% during the 2nd quarter. SG Americas Securities LLC now owns 17,184 shares of the biopharmaceutical company’s stock valued at $75,000 after acquiring an additional 3,497 shares during the period. Geode Capital Management LLC boosted its holdings in Amarin by 1.2% during the 2nd quarter. Geode Capital Management LLC now owns 305,715 shares of the biopharmaceutical company’s stock valued at $1,339,000 after acquiring an additional 3,599 shares during the period. Finally, Geneos Wealth Management Inc. boosted its stake in shares of Amarin by 3.0% in the 3rd quarter. Geneos Wealth Management Inc. now owns 134,175 shares of the biopharmaceutical company’s stock valued at $685,000 after buying an additional 3,850 shares during the period. 30.24% of the stock is owned by institutional investors and hedge funds.
Amarin Corp. Plc is a biopharmaceutical company, which focuses on the commercialization and development of therapeutics for cardiovascular health. Its product development program leverages its experience in lipid science and the potential therapeutic benefits of polyunsaturated fatty acids. It has developed and markets Vascepa capsules through wholesale.
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