Amarin (AMRN) Shares Rally as USPTO Updates Transaction History for '598 Patent, Leerink Calls Co. 'Prime' Takeover Target

March 14, 2012 12:03 PM EDT
Get Alerts AMRN Hot Sheet
Price: $2.93 -2.98%

Rating Summary:
    8 Buy, 11 Hold, 0 Sell

Rating Trend: Up Up

Today's Overall Ratings:
    Up: 35 | Down: 30 | New: 8
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Shares of Amarin (Nasdaq: AMRN) are up nearly 17 percent Wednesday as the US Patent and Trademark Office updated the transaction history for the company's application on 12/052,598 from "Examiner Initiated" on Tuesday to "Examiner's Amendment Communication" this morning. The latter indication usually implies only minor issues remain.

Despite the sharp move higher, Amarin shares are still below the price level where the stock was trading prior to a February 29th non-final rejection for its 13/284,408 patent.

Certainly adding to upside Wednesday, Leerink Swann's Joseph Schwartz issued a note this morning suggesting Amarin's potential progress on the '598 patent makes the company a "prime takeout candidate."

The Leerink analyst maintains an Outperform rating and $25 price target on shares of Amarin.

Amarin shares last traded at $8.32.

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