HC Wainwright restated their buy rating on shares of Amarin (NASDAQ:AMRN) in a research note issued to investors on Tuesday, September 25th, The Fly reports. HC Wainwright currently has a $20.00 price target on the biopharmaceutical company’s stock, up from their previous price target of $10.00.
“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.”,” HC Wainwright’s analyst commented.
Several other brokerages also recently issued reports on AMRN. BidaskClub raised Amarin from a sell rating to a hold rating in a report on Wednesday, August 29th. Zacks Investment Research cut Amarin from a hold rating to a sell rating in a research report on Tuesday, July 24th. ValuEngine upgraded Amarin from a hold rating to a buy rating in a research report on Thursday, May 31st. Finally, Cantor Fitzgerald set a $10.00 price target on Amarin and gave the company a buy rating in a research report on Tuesday, June 12th. One analyst has rated the stock with a sell rating, two have assigned a hold rating, three have given a buy rating and one has assigned a strong buy rating to the company. The stock currently has a consensus rating of Buy and an average target price of $21.75.
NASDAQ:AMRN opened at $19.65 on Tuesday. The company has a debt-to-equity ratio of -1.25, a quick ratio of 1.13 and a current ratio of 1.43. Amarin has a 52 week low of $2.35 and a 52 week high of $21.05. The company has a market cap of $4.76 billion, a price-to-earnings ratio of -78.60 and a beta of 0.32.
Amarin (NASDAQ:AMRN) last announced its quarterly earnings results on Wednesday, August 1st. The biopharmaceutical company reported ($0.12) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.09) by ($0.03). The company had revenue of $52.64 million during the quarter, compared to analyst estimates of $54.88 million. The company’s revenue was up 16.4% on a year-over-year basis. During the same quarter last year, the business posted ($0.04) earnings per share. On average, research analysts forecast that Amarin will post -0.42 earnings per share for the current fiscal year.
In other news, Director Joseph S. Zakrzewski sold 500,000 shares of the firm’s stock in a transaction on Monday, September 24th. The stock was sold at an average price of $10.60, for a total transaction of $5,300,000.00. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, CFO Michael Wayne Kalb sold 150,000 shares of the firm’s stock in a transaction on Monday, September 24th. The stock was sold at an average price of $10.42, for a total value of $1,563,000.00. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 2,975,800 shares of company stock worth $33,975,779. 4.08% of the stock is owned by insiders.
Several institutional investors and hedge funds have recently added to or reduced their stakes in AMRN. Farallon Capital Management LLC bought a new stake in shares of Amarin during the 1st quarter worth $13,726,000. Sofinnova Ventures Inc acquired a new stake in shares of Amarin in the first quarter worth $9,998,000. FMR LLC boosted its position in shares of Amarin by 57.7% in the second quarter. FMR LLC now owns 5,335,221 shares of the biopharmaceutical company’s stock worth $16,486,000 after buying an additional 1,952,118 shares during the period. Alkeon Capital Management LLC acquired a new stake in shares of Amarin in the first quarter worth $5,869,000. Finally, Opaleye Management Inc. boosted its position in shares of Amarin by 102.9% in the first quarter. Opaleye Management Inc. now owns 1,745,000 shares of the biopharmaceutical company’s stock worth $5,252,000 after buying an additional 885,000 shares during the period. 38.27% of the stock is owned by institutional investors and hedge funds.
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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