Canaccord Trims PT on Amarin (AMRN); Sees Increased Commercial Risk, Still Positive on NCE
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Price: $6.78 -2.02%
Rating Summary:
9 Buy, 3 Hold, 0 Sell
Rating Trend:
Down
Today's Overall Ratings:
Up: 11 | Down: 18 | New: 13
Rating Summary:
9 Buy, 3 Hold, 0 Sell
Rating Trend:
Down
Today's Overall Ratings:
Up: 11 | Down: 18 | New: 13
Trade AMRN Now!
Canaccord Genuity is trimming its price target on Amarin (Nasdaq: AMRN) from $26 down to $19 following news that Amarin is hiring a Vascepa sales force and entering $100 million of new financing, as announced late Thursday. The firm maintains a Buy rating on the stock.
Canaccord continues believing that Amarin will receive NCE status for Vascepa, sees potential partnering, but noted increased commercial risk. The firm noted that Amarin plans to make job offers to about 200 reps, preferably with three- to five-years of existing relationships with certain specialists (cardiologists, lipidologists, select PCPs).
Amarin also said it would promote MARINE on its own and partner-up ANCHOR, which Canaccord sees as an increasing risk. ANCHOR's sNDA submission is expected in February 2013, with Canaccord seeing approval by the end of the year.
Canaccord comments, "Imminent self-commercialization means increased risk in this age of shorting the launch, despite new allowance of ANCHOR ’520 patent."
Shares of Amarin are down about 17 percent Friday.
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 $11.95 yesterday, with a 52 week range of $5.99-$15.96.
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Canaccord continues believing that Amarin will receive NCE status for Vascepa, sees potential partnering, but noted increased commercial risk. The firm noted that Amarin plans to make job offers to about 200 reps, preferably with three- to five-years of existing relationships with certain specialists (cardiologists, lipidologists, select PCPs).
Amarin also said it would promote MARINE on its own and partner-up ANCHOR, which Canaccord sees as an increasing risk. ANCHOR's sNDA submission is expected in February 2013, with Canaccord seeing approval by the end of the year.
Canaccord comments, "Imminent self-commercialization means increased risk in this age of shorting the launch, despite new allowance of ANCHOR ’520 patent."
Shares of Amarin are down about 17 percent Friday.
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 $11.95 yesterday, with a 52 week range of $5.99-$15.96.
Join StreetInsider.com FREE and get immediately alerted when news breaks on your stocks and other market items - JOIN NOW
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