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Blog Report Takes Heat on Amarin (AMRN), Weakness Unwarranted Says Analyst

March 26, 2013 2:07 PM EDT Send to a Friend
Get Alerts AMRN Hot Sheet
Price: $1.65 +1.85%

Rating Summary:
    5 Buy, 13 Hold, 0 Sell

Rating Trend: = Flat

Today's Overall Ratings:
    Up: 21 | Down: 10 | New: 7
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Shares of Amarin Corporation (NASDAQ: AMRN) are trading lower following a negative article on Seeking Alpha. The article follows up on negative press from Street.com yesterday. In the view of analyst Joseph P. Schwartz of Leeerink Swann, the articles raise no new information.

"We believe it is too early to deem Vascepa a commercial failure just three months into the launch given formulary dynamics which have yet to play out and upcoming regulatory catalysts," said Schwartz.

Schwartz thinks commercial execution in on track and believes Amarin has several levers it can still pull.

"We see FDA acceptance of the Vascepa sNDA in mixed dyslipidemia in late April/early May as an important catalyst for AMRN. Although the company has an SPA for the ANCHOR study, acceptance of the sNDA should remove some uncertainty on the Street that the FDA will require outcomes data for this 10-fold larger indication," he said.

"We believe the poor sentiment around the Vascepa launch underestimates the impact that obtaining Tier 2 coverage can have. Management highlighted this dynamic as the most important revenue driver on their recent call, and we would agree since clinical data is excellent and an experienced sales team is in place," added the analyst.

Leerink Swann has an Outperform rating on Amarin Corporation with a price target of $20.00

For an analyst ratings summary and ratings history on Amarin Corporation (NASDAQ: AMRN) click here. For more ratings news on Amarin Corporation click here.

Shares of Amarin Corporation closed at $7.34 yesterday.




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Comments

Amarin
Jeremy's friend on 2013-03-30 15:00:14
Mark as Spam | Reply to this comment

What about Clicks data for Vascepa coupon suggesting higher usage?

AMRN
Big Al on 2013-03-26 23:10:09
Mark as Spam | Reply to this comment

Vascepa has only been on themarket for 2 months.


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