Amarin (NASDAQ:AMRN) Trading Down 5.9% Following Insider Selling

Amarin Co. plc (NASDAQ:AMRN) shares fell 5.9% on Monday after an insider sold shares in the company. The company traded as low as $22.25 and last traded at $22.60, 33,218,600 shares were traded during mid-day trading. An increase of 311% from the average session volume of 8,085,279 shares. The stock had previously closed at $24.02.

Specifically, Director Lars Ekman sold 38,600 shares of the firm’s stock in a transaction on Tuesday, November 12th. The stock was sold at an average price of $24.02, for a total transaction of $927,172.00. Also, CEO John F. Thero sold 475,546 shares of the firm’s stock in a transaction on Monday, November 11th. The shares were sold at an average price of $24.02, for a total value of $11,422,614.92. Insiders sold 605,162 shares of company stock valued at $13,715,937 in the last ninety days. 2.75% of the stock is currently owned by insiders.

Several equities analysts have commented on the company. Roth Capital set a $31.00 price objective on Amarin and gave the company a “buy” rating in a research report on Friday, September 6th. BidaskClub raised Amarin from a “sell” rating to a “hold” rating in a research report on Monday, October 21st. Aegis assumed coverage on Amarin in a research report on Thursday, October 31st. They set a “buy” rating and a $23.00 price objective for the company. Leerink Swann raised their price objective on Amarin from $28.00 to $29.00 in a research report on Friday, November 15th. Finally, Zacks Investment Research raised Amarin from a “hold” rating to a “strong-buy” rating and set a $20.00 price objective for the company in a research report on Thursday, November 7th. One research analyst has rated the stock with a sell rating, three have issued a hold rating, ten have assigned a buy rating and one has issued a strong buy rating to the company’s stock. The company currently has a consensus rating of “Buy” and a consensus price target of $27.08.

The firm has a 50-day moving average price of $17.01 and a 200-day moving average price of $17.49. The company has a debt-to-equity ratio of 0.02, a quick ratio of 3.45 and a current ratio of 3.69. The stock has a market cap of $8.58 billion, a PE ratio of -58.28 and a beta of 1.14.

Amarin (NASDAQ:AMRN) last posted its quarterly earnings results on Tuesday, November 5th. The biopharmaceutical company reported ($0.01) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.04) by $0.03. The firm had revenue of $112.40 million during the quarter, compared to analyst estimates of $110.04 million. Amarin had a negative return on equity of 26.67% and a negative net margin of 17.42%. Amarin’s quarterly revenue was up 104.4% compared to the same quarter last year. During the same quarter in the previous year, the firm earned ($0.08) EPS. As a group, sell-side analysts anticipate that Amarin Co. plc will post -0.13 EPS for the current fiscal year.

Institutional investors and hedge funds have recently bought and sold shares of the company. Oppenheimer & Co. Inc. raised its position in shares of Amarin by 19.7% in the 3rd quarter. Oppenheimer & Co. Inc. now owns 27,779 shares of the biopharmaceutical company’s stock worth $421,000 after purchasing an additional 4,570 shares during the last quarter. Invesco Ltd. raised its position in shares of Amarin by 1,402.6% in the 2nd quarter. Invesco Ltd. now owns 8,414,943 shares of the biopharmaceutical company’s stock worth $163,166,000 after purchasing an additional 7,854,902 shares during the last quarter. Bank of America Corp DE raised its position in shares of Amarin by 73.3% in the 2nd quarter. Bank of America Corp DE now owns 404,748 shares of the biopharmaceutical company’s stock worth $7,849,000 after purchasing an additional 171,136 shares during the last quarter. Parallel Advisors LLC raised its position in shares of Amarin by 9,893.5% in the 3rd quarter. Parallel Advisors LLC now owns 19,987 shares of the biopharmaceutical company’s stock worth $303,000 after purchasing an additional 19,787 shares during the last quarter. Finally, Carlson Capital L P raised its position in shares of Amarin by 13.6% in the 2nd quarter. Carlson Capital L P now owns 265,000 shares of the biopharmaceutical company’s stock worth $5,138,000 after purchasing an additional 31,625 shares during the last quarter. 49.61% of the stock is owned by hedge funds and other institutional investors.

About Amarin (NASDAQ:AMRN)

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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