Amarin (AMRN) Shares Sink as Analyst Sees Delay to Marine Patent Issue

August 17, 2011 3:12 PM EDT
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Price: $2.87 -1.03%

Rating Summary:
    8 Buy, 11 Hold, 0 Sell

Rating Trend: Up Up

Today's Overall Ratings:
    Up: 18 | Down: 17 | New: 10
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After opening in positive territory Wednesday morning, shares of Amarin (Nasdaq: AMRN) are now down sharply as traders are speculating on a possible delay of its Marine patent issue.

The possible delay was highlighted by Canaccord Genuity's Ritu Baral in a research note this morning. The analyst believes the patent for AMR-101 could be postponed to as far as the second half of next year.

Baral now sees the regulatory applications for Amarin's Marine and Anchor being finalized late next year. The analyst had previously expected the applications to be finalized during the first half of 2012.

Canaccord currently has a Buy rating and $35 price target on shares of Amarin.

The stock last traded $11.90, down almost 8.5 percent from Tuesday's closing price.

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