Amarin (NASDAQ:AMRN)‘s stock had its “buy” rating reaffirmed by investment analysts at Cantor Fitzgerald in a note issued to investors on Thursday. They presently have a $10.00 target price on the biopharmaceutical company’s stock. Cantor Fitzgerald’s price objective would indicate a potential upside of 230.03% from the company’s previous close.
The analysts wrote, “Amarin announced the presentation of two posters at the National Kidney Foundation 2018 Spring Clinical Meetings in Austin, TX. These data, along with what we expect to be positive results from Amarin’s REDUCE-IT study by 3Q18, support our investment thesis for the stock. This is because a large portion of the male and female patients enrolled in this outcomes study are anticipated to also be diagnosed with type 2 diabetes.””
Several other equities analysts have also recently weighed in on the company. BidaskClub upgraded Amarin from a “strong sell” rating to a “sell” rating in a report on Thursday, March 15th. Zacks Investment Research cut Amarin from a “hold” rating to a “sell” rating in a report on Friday, March 2nd. HC Wainwright reiterated a “buy” rating on shares of Amarin in a report on Thursday, March 1st. Finally, ValuEngine upgraded Amarin from a “sell” rating to a “hold” rating in a report on Wednesday, December 20th. Two investment analysts have rated the stock with a sell rating, one has issued a hold rating and three have given a buy rating to the stock. The stock presently has an average rating of “Hold” and an average target price of $7.75.
Amarin (NASDAQ:AMRN) last announced its quarterly earnings data on Tuesday, February 27th. The biopharmaceutical company reported ($0.08) earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of ($0.05) by ($0.03). The firm had revenue of $53.87 million during the quarter, compared to the consensus estimate of $52.73 million. Amarin’s quarterly revenue was up 39.2% compared to the same quarter last year. During the same period last year, the firm earned ($0.10) EPS. research analysts predict that Amarin will post -0.33 EPS for the current year.
In related news, insider Steven B. Ketchum sold 135,205 shares of Amarin stock in a transaction dated Tuesday, January 23rd. The stock was sold at an average price of $4.41, for a total transaction of $596,254.05. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, General Counsel Joseph T. Kennedy sold 26,942 shares of Amarin stock in a transaction dated Tuesday, April 3rd. The stock was sold at an average price of $2.90, for a total value of $78,131.80. The disclosure for this sale can be found here. Insiders have sold 258,110 shares of company stock valued at $1,051,237 in the last quarter. 3.72% of the stock is currently owned by corporate insiders.
A number of institutional investors have recently bought and sold shares of AMRN. State Street Corp grew its holdings in Amarin by 1.3% during the second quarter. State Street Corp now owns 201,995 shares of the biopharmaceutical company’s stock worth $814,000 after purchasing an additional 2,640 shares during the period. TD Asset Management Inc. bought a new position in Amarin during the third quarter worth about $285,000. Cubist Systematic Strategies LLC bought a new position in Amarin during the third quarter worth about $226,000. Neuberger Berman Group LLC bought a new position in Amarin during the third quarter worth about $350,000. Finally, Alps Advisors Inc. bought a new position in Amarin during the fourth quarter worth about $1,203,000. Institutional investors and hedge funds own 38.16% of the company’s stock.
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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.
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