PNC Financial Services Group Inc. Cuts Holdings in Amarin Co. plc (NASDAQ:AMRN)

PNC Financial Services Group Inc. trimmed its holdings in shares of Amarin Co. plc (NASDAQ:AMRN) by 22.1% during the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund owned 29,443 shares of the biopharmaceutical company’s stock after selling 8,374 shares during the period. PNC Financial Services Group Inc.’s holdings in Amarin were worth $129,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also modified their holdings of the business. GSA Capital Partners LLP purchased a new stake in Amarin during the 2nd quarter valued at $223,000. Waterfront Wealth Inc. purchased a new stake in Amarin during the 2nd quarter valued at $111,000. Handelsbanken Fonder AB boosted its stake in Amarin by 45.3% during the 2nd quarter. Handelsbanken Fonder AB now owns 92,000 shares of the biopharmaceutical company’s stock valued at $403,000 after purchasing an additional 28,700 shares during the last quarter. Estate Counselors LLC purchased a new stake in Amarin during the 2nd quarter valued at $532,000. Finally, Sumitomo Mitsui Trust Holdings Inc. purchased a new stake in Amarin during the 2nd quarter valued at $45,000. Institutional investors and hedge funds own 32.33% of the company’s stock.

NASDAQ AMRN opened at $5.08 on Tuesday. The company has a market capitalization of $2.01 billion, a PE ratio of 508.51 and a beta of 2.23. The business’s fifty day moving average is $4.94 and its 200 day moving average is $5.08. Amarin Co. plc has a fifty-two week low of $3.36 and a fifty-two week high of $9.25.

Amarin (NASDAQ:AMRN) last released its earnings results on Wednesday, August 4th. The biopharmaceutical company reported $0.02 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of ($0.03) by $0.05. The company had revenue of $154.50 million for the quarter, compared to the consensus estimate of $153.28 million. Amarin had a return on equity of 0.69% and a net margin of 0.70%. Amarin’s quarterly revenue was up 14.2% compared to the same quarter last year. During the same period in the previous year, the business earned $0.04 earnings per share. Sell-side analysts anticipate that Amarin Co. plc will post -0.06 earnings per share for the current fiscal year.

A number of research firms have recently issued reports on AMRN. Zacks Investment Research upgraded Amarin from a “hold” rating to a “strong-buy” rating and set a $5.50 price target on the stock in a research note on Wednesday, June 30th. SVB Leerink began coverage on Amarin in a research note on Thursday, September 9th. They issued an “outperform” rating and a $12.00 price target on the stock. HC Wainwright restated a “buy” rating and issued a $10.00 price target on shares of Amarin in a research note on Monday, August 9th. Finally, Cantor Fitzgerald restated a “buy” rating and issued a $10.00 price target on shares of Amarin in a research note on Friday, June 11th. One equities research analyst has rated the stock with a sell rating, one has assigned a hold rating, four have assigned a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat, Amarin currently has a consensus rating of “Buy” and a consensus price target of $9.44.

In other Amarin news, CFO Michael Wayne Kalb sold 120,000 shares of the firm’s stock in a transaction dated Thursday, August 12th. The stock was sold at an average price of $5.25, for a total transaction of $630,000.00. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. 2.67% of the stock is currently owned by insiders.

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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Institutional Ownership by Quarter for Amarin (NASDAQ:AMRN)

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