Amarin (NASDAQ:AMRN) Coverage Initiated at JPMorgan Chase & Co.

Investment analysts at JPMorgan Chase & Co. began coverage on shares of Amarin (NASDAQ:AMRN) in a research note issued to investors on Friday. The brokerage set an “underweight” rating and a $13.00 price target on the biopharmaceutical company’s stock. JPMorgan Chase & Co.‘s price target would suggest a potential downside of 8.00% from the company’s current price.

Other equities research analysts also recently issued reports about the stock. Wall Street Zen downgraded shares of Amarin from a “buy” rating to a “hold” rating in a research note on Saturday, July 25th. Weiss Ratings reissued a “sell (d-)” rating on shares of Amarin in a research note on Friday, July 17th. Finally, Zacks Research lowered shares of Amarin from a “strong-buy” rating to a “hold” rating in a report on Monday. One investment analyst has rated the stock with a Hold rating and two have given a Sell rating to the company. According to MarketBeat, the stock currently has an average rating of “Sell” and a consensus price target of $13.00.

Amarin Trading Up 0.5%

Shares of AMRN traded up $0.07 during trading hours on Friday, reaching $14.13. 1,649 shares of the company’s stock traded hands, compared to its average volume of 75,393. The stock has a market cap of $298.47 million, a PE ratio of -14.27 and a beta of 0.81. The firm’s 50 day simple moving average is $14.81 and its 200-day simple moving average is $14.73. Amarin has a 12 month low of $12.96 and a 12 month high of $20.90.

Institutional Investors Weigh In On Amarin

A number of hedge funds have recently made changes to their positions in AMRN. Waterfront Wealth Inc. raised its position in Amarin by 42.7% in the 1st quarter. Waterfront Wealth Inc. now owns 203,338 shares of the biopharmaceutical company’s stock worth $2,940,000 after purchasing an additional 60,798 shares during the period. Banque Cantonale Vaudoise purchased a new stake in Amarin during the third quarter valued at about $32,000. Eversept Partners LP boosted its position in Amarin by 2.9% during the fourth quarter. Eversept Partners LP now owns 172,188 shares of the biopharmaceutical company’s stock valued at $2,403,000 after buying an additional 4,912 shares during the period. Brooklands Fund Management Ltd bought a new position in shares of Amarin during the fourth quarter valued at about $42,000. Finally, Wells Fargo & Company MN grew its stake in shares of Amarin by 34.8% during the fourth quarter. Wells Fargo & Company MN now owns 9,254 shares of the biopharmaceutical company’s stock valued at $129,000 after buying an additional 2,390 shares during the last quarter. 22.25% of the stock is currently owned by institutional investors.

About Amarin

Amarin Corporation plc is a biopharmaceutical company focused on the commercialization and development of therapeutics for cardiovascular health. Founded in 1993 and headquartered in Dublin, Ireland, the company is publicly traded on the NASDAQ under the ticker AMRN. Amarin’s primary mission is to improve cardiovascular outcomes through innovative lipid science and evidence-based therapies.

The company’s flagship product is Vascepa® (icosapent ethyl), a high-purity prescription omega-3 fatty acid approved for the treatment of severe hypertriglyceridemia and as an adjunct to statin therapy to reduce the risk of cardiovascular events.