Amarin Co. plc (NASDAQ:AMRN) was upgraded by Citigroup Inc. from a “neutral” rating to a “buy” rating in a research note issued on Friday, TheFlyOnTheWall.com reports. The firm currently has a $2.50 target price on the stock, up from their previous target price of $1.36. Citigroup Inc.’s price target points to a potential upside of 77.30% from the company’s current price.
The analysts wrote, “We are upgrading AMRN to Buy on valuation, maintaining our TP of $2.50. While we still see a bumpy road ahead for AMRN over the next ~6 months, we believe the current valuation doesn’t properly reflect the potential opportunity for Vascepa’s FDA approved MARINE indication. We concur with the logic of AMRN’s position on the FDA appeal around ANCHOR; however, we see a significant uphill battle to gain approval from the FDA in this setting. While we do see potential near-term upside if costs can be reduced further (ultimate termination of the REDUCE-IT outcomes trial), we expect our TP is more back-end loaded in our 12-month valuation window when we will have further clarity on OPEX requirements and as the MARINE launch matures.”
Shares of Amarin Co. plc (NASDAQ:AMRN) traded up 11.35% on Friday, hitting $1.57. The stock had a trading volume of 2,580,141 shares. Amarin Co. plc has a 52-week low of $1.36 and a 52-week high of $12.90. The stock’s 50-day moving average is $4.34 and its 200-day moving average is $5.81. The company’s market cap is $271.0 million.
Amarin Co. plc (NASDAQ:AMRN) last announced its earnings results on Thursday, November 7th. The company reported ($0.25) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.32) by $0.07. The company had revenue of $8.40 million for the quarter, compared to the consensus estimate of $10.25 million. Analysts expect that Amarin Co. plc will post $-1.34 EPS for the current fiscal year.
Several other analysts have also recently commented on the stock. Analysts at Aegis reiterated a “hold” rating on shares of Amarin Co. plc in a research note to investors on Wednesday, October 30th. Separately, analysts at Leerink Swann downgraded shares of Amarin Co. plc from an “outperform” rating to a “market perform” rating in a research note to investors on Wednesday, October 30th. They now have a $2.00 price target on the stock, down previously from $6.00. Finally, analysts at FBR Capital Markets initiated coverage on shares of Amarin Co. plc in a research note to investors on Wednesday, October 30th. They set a “market perform” rating and a $2.00 price target on the stock. Ten investment analysts have rated the stock with a hold rating and five have issued a buy rating to the company. The company presently has an average rating of “Hold” and an average target price of $5.92.
Amarin Corporation plc (NASDAQ:AMRN) is a late-stage biopharmaceutical -company with expertise in lipid science focused on the treatment of cardiovascular disease.
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