Canaccord Genuity Reiterates a 'Buy' on Amarin (AMRN); PTO Review; No Fundamental Change to AMR101 Opportunity

August 22, 2011 8:37 AM EDT
Get Alerts AMRN Hot Sheet
Price: $2.88 --0%

Rating Summary:
    8 Buy, 11 Hold, 0 Sell

Rating Trend: Up Up

Today's Overall Ratings:
    Up: 6 | Down: 10 | New: 6
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Canaccord Genuity reiterates a 'Buy' on Amarin Corporation (NASDAQ: AMRN) price target of $35.00.

Canaccord analyst, Ritu Baral, says, "Reiterate rating and price target on commercial, partnership potential of AMR101. AMR101 is AMRN’s 96% EPA omega-3 drug for very high triglycerides (TG). AMRN plans to submit the AMR101 NDA for high TG in Q3/11. We think AMR101 will be approved mid-2012. We expect significant progress in IP and business development in H2/12."

"After reviewing the PTO examiner’s responses to AMRN’s counterarguments in the June non-final rejection, we think future discussion with the PTO will focus on non-obviousness and surprising findings based on a person with ordinary skill in the art. We think additional responses and office actions may extend into H1/12."

For more ratings news on Amarin Corporation click here and for the rating history of Amarin Corporation click here.

Shares of Amarin Corporation closed at $10.10 yesterday.

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