Zacks Research Downgrades Amarin (NASDAQ:AMRN) to Hold

Amarin (NASDAQ:AMRN) was downgraded by analysts at Zacks Research from a “strong-buy” rating to a “hold” rating in a research report issued on Monday,Zacks.com reports.

Several other research analysts have also commented on the stock. Weiss Ratings reiterated a “sell (d-)” rating on shares of Amarin in a research note on Friday, July 17th. Wall Street Zen lowered shares of Amarin from a “buy” rating to a “hold” rating in a report on Saturday, July 25th. One analyst has rated the stock with a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat, the stock presently has an average rating of “Reduce”.

Amarin Stock Performance

AMRN stock opened at $14.13 on Monday. The firm has a market cap of $298.43 million, a price-to-earnings ratio of -14.27 and a beta of 0.81. The firm has a 50-day simple moving average of $14.83 and a two-hundred day simple moving average of $14.75. Amarin has a one year low of $12.96 and a one year high of $20.90.

Hedge Funds Weigh In On Amarin

Hedge funds and other institutional investors have recently modified their holdings of the stock. Jones Financial Companies Lllp raised its stake in shares of Amarin by 449,522.1% during the 1st quarter. Jones Financial Companies Lllp now owns 1,811,977 shares of the biopharmaceutical company’s stock valued at $815,000 after buying an additional 1,811,574 shares during the last quarter. Millennium Management LLC lifted its holdings in shares of Amarin by 192.6% in the 3rd quarter. Millennium Management LLC now owns 132,391 shares of the biopharmaceutical company’s stock valued at $2,169,000 after buying an additional 87,147 shares during the period. Waterfront Wealth Inc. boosted its stake in shares of Amarin by 42.7% in the first quarter. Waterfront Wealth Inc. now owns 203,338 shares of the biopharmaceutical company’s stock worth $2,940,000 after buying an additional 60,798 shares during the last quarter. Jump Financial LLC purchased a new stake in shares of Amarin in the second quarter worth about $623,000. Finally, Renaissance Technologies LLC acquired a new stake in Amarin during the first quarter worth about $278,000. 22.25% of the stock is owned by hedge funds and other 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.