Amarin (NASDAQ:AMRN) Lifted to Strong-Buy at Zacks Investment Research

Zacks Investment Research upgraded shares of Amarin (NASDAQ:AMRN) from a hold rating to a strong-buy rating in a research report released on Monday, Zacks.com reports. The firm currently has $5.75 price objective on the biopharmaceutical company’s stock.

According to Zacks, “Amarin reported mixed second-quarter results, wherein earnings beat estimates and revenues matched the same. The company's sole marketed drug Vascepa has been on a strong growth trajectory for the last few years. Its recent label expansion for cardiovascular indication looks promising. The growth trend for Vascepa is expected to continue in the second half of 2021. The company expanded its sales force and started promotional programs to create awareness for Vascepa’s expanded label. These initiatives are likely to drive sales higher. The company is looking to get approval for the drug in additional countries. However, Amarin is dependent on Vascepa for growth. Meanwhile, COVID-19 is negatively impacting Vascepa’s sales growth, which is likely to continue in the second half of 2021. Rising generic competition remains a concern.”

Several other equities analysts have also recently weighed in on AMRN. HC Wainwright reiterated a buy rating and issued a $10.00 price target on shares of Amarin in a research report on Monday, August 9th. SVB Leerink reaffirmed a buy rating and set a $12.00 price target on shares of Amarin in a research report on Sunday, September 26th. One investment analyst has rated the stock with a sell rating, four have given a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat.com, the stock has a consensus rating of Buy and a consensus price target of $9.47.

Shares of AMRN stock opened at $5.17 on Monday. The stock has a market cap of $2.04 billion, a price-to-earnings ratio of 517.52 and a beta of 2.24. The stock has a 50-day moving average of $5.26 and a 200-day moving average of $4.95. Amarin has a 1-year low of $3.84 and a 1-year high of $9.25.

Amarin (NASDAQ:AMRN) last announced its quarterly earnings data on Wednesday, August 4th. The biopharmaceutical company reported $0.02 EPS for the quarter, beating the Zacks’ consensus estimate of ($0.03) by $0.05. The firm had revenue of $154.50 million during the quarter, compared to analysts’ expectations of $153.28 million. Amarin had a return on equity of 0.69% and a net margin of 0.70%. The company’s revenue for the quarter was up 14.2% compared to the same quarter last year. During the same quarter last year, the firm posted $0.04 earnings per share. As a group, equities analysts forecast that Amarin will post -0.05 earnings per share for the current year.

In other news, CFO Michael Wayne Kalb sold 120,000 shares of Amarin stock in a transaction that occurred on Thursday, August 12th. The shares were sold at an average price of $5.25, for a total transaction of $630,000.00. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. 2.67% of the stock is owned by company insiders.

Institutional investors and hedge funds have recently made changes to their positions in the company. B. Riley Wealth Management Inc. lifted its position in Amarin by 14.8% during the second quarter. B. Riley Wealth Management Inc. now owns 19,400 shares of the biopharmaceutical company’s stock valued at $85,000 after purchasing an additional 2,500 shares during the period. Court Place Advisors LLC grew its stake 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 in the last quarter. SG Americas Securities LLC grew its stake 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 in the last quarter. Geode Capital Management LLC grew its stake 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 in the last quarter. Finally, Kalos Management Inc. grew its stake in Amarin by 46.1% during the 2nd quarter. Kalos Management Inc. now owns 15,050 shares of the biopharmaceutical company’s stock valued at $68,000 after acquiring an additional 4,750 shares in the last quarter. 32.33% of the stock is currently owned by hedge funds and other institutional investors.

Amarin Company Profile

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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