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Amarin (AMRN) Decline 'Unwarranted' - Aegis

September 13, 2013 10:19 AM EDT Send to a Friend
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Price: $1.62 -0.61%

Rating Summary:
    5 Buy, 13 Hold, 0 Sell

Rating Trend: = Flat

Today's Overall Ratings:
    Up: 23 | Down: 10 | New: 20
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Aegis Capital maintained a Buy rating on Amarin Corporation (NASDAQ: AMRN) with a price target of $30.00. The stock declined on Thursday after it was announced that Teva (NYSE: TEVA) and Par won an appeal vs Pronova BioPharma. In the view of analyst Raghuram Selvaraju, the decline was "unwarranted."

"We believe that the Lovaza patent news yesterday is of minimal relevance for several reasons," said Selvaraju. "First, this appeals court decision does not automatically allow Teva and Par to begin marketing a Lovaza generic in the U.S. The case was yesterday remanded back to the lower district court, which in 2012 ruled in favor of Pronova. Second, we believe that Teva may have problems accessing sufficient fish oil supply to even make a generic version of Lovaza at commercial scale. Third, even if Lovaza generics eventually appear in the U.S., we believe that Amarin's Vascepa will remain viable as a commercial franchise because we remain optimistic that the drug will be approved nearterm for use in mixed dyslipidemia."

"As we have stated repeatedly in the past, Lovaza cannot secure a label in mixed dyslipidemia as it elevates LDLcholesterol. Thus, if Vascepa receives a mixed dyslipidemia label it should effectively become immune to cheaper competitors like Lovaza generics," he added.

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 $6.60 yesterday.




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