Amarin (AMRN) Given Buy Rating at HC Wainwright
Amarin (NASDAQ:AMRN)‘s stock had its “buy” rating reaffirmed by stock analysts at HC Wainwright in a research note issued to investors on Tuesday, The Fly reports. They presently have a $20.00 target price on the biopharmaceutical company’s stock, up from their previous target price of $10.00. HC Wainwright’s target price suggests a potential upside of 50.83% from the company’s previous close.
The analysts wrote, “Our price target of $20 is based on equally weighted average of: (a) $19.9/share, as a 20x multiple of taxed and diluted FY23 GAAP EPS of $3.69 discounted back to and (b) an NPV of $20.8/share (discount rate 10%, growth rate 2%). Risks to our investment thesis and target price include: (1) Vascepa commercial ramp-up and/or peak sales not meeting our projections; and (2) further competitive disruption of the omega-3 market by generics and/or OTC supplements beyond our model.””
A number of other analysts have also issued reports on AMRN. BidaskClub raised shares of Amarin from a “hold” rating to a “buy” rating in a research report on Monday, June 18th. ValuEngine raised shares of Amarin from a “hold” rating to a “buy” rating in a research report on Monday, July 2nd. Zacks Investment Research lowered shares of Amarin from a “hold” rating to a “sell” rating in a research report on Tuesday, July 24th. Cantor Fitzgerald set a $10.00 price target on shares of Amarin and gave the stock a “buy” rating in a research report on Wednesday, May 30th. Finally, Citigroup increased their price target on shares of Amarin from $5.00 to $17.00 and gave the stock a “reduce” rating in a research report on Tuesday. One research analyst has rated the stock with a sell rating, two have given a hold rating, three have assigned a buy rating and one has assigned a strong buy rating to the company. The company has an average rating of “Buy” and an average target price of $13.20.
Amarin (NASDAQ:AMRN) last posted its quarterly earnings results on Wednesday, August 1st. The biopharmaceutical company reported ($0.12) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.09) by ($0.03). The firm had revenue of $52.64 million for the quarter, compared to analyst estimates of $54.88 million. Amarin’s quarterly revenue was up 16.4% compared to the same quarter last year. During the same period last year, the business earned ($0.04) earnings per share. analysts predict that Amarin will post -0.42 EPS for the current year.
In related news, General Counsel Joseph T. Kennedy sold 26,942 shares of the firm’s stock in a transaction that occurred on Monday, July 2nd. The shares were sold at an average price of $3.00, for a total transaction of $80,826.00. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. 4.08% of the stock is currently owned by company insiders.
A number of institutional investors and hedge funds have recently modified their holdings of AMRN. Private Advisor Group LLC raised its position in Amarin by 81.8% during the first quarter. Private Advisor Group LLC now owns 64,293 shares of the biopharmaceutical company’s stock valued at $194,000 after acquiring an additional 28,929 shares in the last quarter. DRW Securities LLC raised its position in Amarin by 45.1% during the first quarter. DRW Securities LLC now owns 80,400 shares of the biopharmaceutical company’s stock valued at $242,000 after acquiring an additional 25,000 shares in the last quarter. Claraphi Advisory Network LLC raised its position in Amarin by 637.3% during the first quarter. Claraphi Advisory Network LLC now owns 85,309 shares of the biopharmaceutical company’s stock valued at $257,000 after acquiring an additional 73,738 shares in the last quarter. Northern Trust Corp raised its position in Amarin by 20.9% during the second quarter. Northern Trust Corp now owns 113,327 shares of the biopharmaceutical company’s stock valued at $350,000 after acquiring an additional 19,590 shares in the last quarter. Finally, TD Asset Management Inc. raised its position in 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 acquiring an additional 47,300 shares in the last quarter. 38.27% of the stock is currently owned by hedge funds and other institutional investors.
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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