2013 Could be a Blockbuster Year for Amarin (AMRN) and It All Starts Next Week - Analyst
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Price: $6.92 +0.44%
Rating Summary:
9 Buy, 3 Hold, 0 Sell
Rating Trend:
Down
Today's Overall Ratings:
Up: 21 | Down: 24 | New: 29
Rating Summary:
9 Buy, 3 Hold, 0 Sell
Rating Trend:
Down
Today's Overall Ratings:
Up: 21 | Down: 24 | New: 29
Trade AMRN Now!
Despite rising 8 percent in 2012, by most accounts it was a very disappointing year for Amarin (NASDAQ: AMRN) shareholders. After receiving FDA approval for Vascepa mid-year, and seeing its stock rise as much as 113%, shares came crashing down at the end of the year as its triglyceride-lowering drug failed to gain NCE status, forcing the company into a 'go-it-alone' strategy on the launch of the drug. Although 2012 was a rocky year for the company, some bulls think 2013 could be the company's year as it embarks on the drug launch.
Today, analysts at Canaccord Genuity reiterated their Buy rating and $17 price target on Amarin saying they expect a strategy update shortly and noted that three health care plans are already covering the drug.
Canaccord's Ritu Baral said they expect more details on launch marketing strategy and coverage progress at the company's Jan. 7 presentation next week in San Francisco.
"We expect AMRN to provide detailed coverage metrics, including more color on different plans and the number of covered lives," Baral comments. "We also expect more details on other launch preparations, including an update on the sales force hires (which we expect to be largely finalized), marketing messages, pricing, medical education events/campaigns and trade advertising. We believe AMRN will be training its sales force in the next few weeks ahead of a likely February commercial launch."
Vascepa already has initial coverage at Cigna, Aetna and Humana, the analyst notes, with AMRN continuing to target Tier 2 coverage status.
"Humana announced Vascepa requires prior authorization for coverage, with previous treatment, intolerance, or contraindication to Lovaza and a Fibrate or Nicotinic acid. AMRN expects this standard initial prior-auth need by Humana will be removed in ~2 months (after additional talks with AMRN) and ultimately that the drug will reach tier 2 coverage. Humana represents ~ 6M covered lives. Vascepa already has Tier 3 coverage (no prior auth requirement) with Cigna and Aetna, which together represent ~18M covered lives."
At the Jan. 7 presentation, the firm is expecting detail on some or all of the below:
The plans that have already conferred coverage of Vascepa
Number of covered lives represented by these plans
Coverage levels Vascepa has at these plans
If prior authorization is required, and if so what are the hurdles
Potential timing or removal of prior-authorization or move to Tier 2
Update on the sales force hires, including district managers and field force
Update on training activities
Detail on Vascepa marketing message or Lovaza counter-detail message
Pricing and potential discounts offered/extended/considered
Planned medical education events/campaigns
Planned events/CME around ACC, AHA and other medical meetings
Planned Trade advertising and future DTC campaigns
Current production capabilities at Nisshin plant
Current inventory and expected supplier inventory range
Future production capabilities from sNDA suppliers and other contracted
manufacturers.
For an analyst ratings summary and ratings history on Amarin Corporation click here. For more ratings news on Amarin Corporation click here.
Shares of Amarin Corporation closed at $8.10 yesterday, with a 52 week range of $6.13-$15.96.
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Today, analysts at Canaccord Genuity reiterated their Buy rating and $17 price target on Amarin saying they expect a strategy update shortly and noted that three health care plans are already covering the drug.
Canaccord's Ritu Baral said they expect more details on launch marketing strategy and coverage progress at the company's Jan. 7 presentation next week in San Francisco.
"We expect AMRN to provide detailed coverage metrics, including more color on different plans and the number of covered lives," Baral comments. "We also expect more details on other launch preparations, including an update on the sales force hires (which we expect to be largely finalized), marketing messages, pricing, medical education events/campaigns and trade advertising. We believe AMRN will be training its sales force in the next few weeks ahead of a likely February commercial launch."
Vascepa already has initial coverage at Cigna, Aetna and Humana, the analyst notes, with AMRN continuing to target Tier 2 coverage status.
"Humana announced Vascepa requires prior authorization for coverage, with previous treatment, intolerance, or contraindication to Lovaza and a Fibrate or Nicotinic acid. AMRN expects this standard initial prior-auth need by Humana will be removed in ~2 months (after additional talks with AMRN) and ultimately that the drug will reach tier 2 coverage. Humana represents ~ 6M covered lives. Vascepa already has Tier 3 coverage (no prior auth requirement) with Cigna and Aetna, which together represent ~18M covered lives."
At the Jan. 7 presentation, the firm is expecting detail on some or all of the below:
manufacturers.
For an analyst ratings summary and ratings history on Amarin Corporation click here. For more ratings news on Amarin Corporation click here.
Shares of Amarin Corporation closed at $8.10 yesterday, with a 52 week range of $6.13-$15.96.
Join StreetInsider.com FREE and get immediately alerted when news breaks on your stocks and other market items - JOIN NOW
*NEW - Download StreetInsider's FREE iPhone and iPad App - Click Here
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