Groundhog Day for Amarin (AMRN); MKM Not Positive on NCE Status Although Company Remains Upbeat
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Price: $6.60 --0%
Rating Summary:
9 Buy, 3 Hold, 0 Sell
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Today's Overall Ratings:
Up: 0 | Down: 2 | New: 3
Rating Summary:
9 Buy, 3 Hold, 0 Sell
Rating Trend:
Up
Today's Overall Ratings:
Up: 0 | Down: 2 | New: 3
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Analysts at MKM Partners commented on Amarin Corporation (NASDAQ: AMRN) after the FDA updated the Orange Book for October and once again failed to rule on NCE status for Vascepa.
MKM's Jon LeCroy notes this is the fourth delay and he assumes that it is unlikely that Amarin will be able to successfully petition the FDA to grant Vascepa NCE status. However, they note some interesting comments from the company about NCE:
"The company stated to us that it thinks an NCE decision is imminent and that the FDA may be taking extra time because this could be a precedent setting NCE case. The company remains optimistic that Vascepa will receive NCE status and stated that a decision could come before the next Orange Book update date of December 14. Finally, Amarin stated that a date to make official offers to a sales force is not set in stone, implying the timing could leak into December. We expect Amarin to make an official announcement once it begins making official employment offers to sales people."
LeCroy notes continued NCE uncertainty could extend near-term weakness. "NCE uncertainty is an impediment to Amarin securing a Vascepa deal, and while we see longer-term value in Amarin shares, we think persistent uncertainty could create continued near-term pressure," the analyst notes. "We would expect additional weakness to Amarin shares if the company announces that it has begun hiring a sales force."
MKM maintains a Buy rating and price target of $15.00 on AMRN.
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 $10.84 yesterday, with a 52 week range of $5.99-$15.96.
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MKM's Jon LeCroy notes this is the fourth delay and he assumes that it is unlikely that Amarin will be able to successfully petition the FDA to grant Vascepa NCE status. However, they note some interesting comments from the company about NCE:
"The company stated to us that it thinks an NCE decision is imminent and that the FDA may be taking extra time because this could be a precedent setting NCE case. The company remains optimistic that Vascepa will receive NCE status and stated that a decision could come before the next Orange Book update date of December 14. Finally, Amarin stated that a date to make official offers to a sales force is not set in stone, implying the timing could leak into December. We expect Amarin to make an official announcement once it begins making official employment offers to sales people."
LeCroy notes continued NCE uncertainty could extend near-term weakness. "NCE uncertainty is an impediment to Amarin securing a Vascepa deal, and while we see longer-term value in Amarin shares, we think persistent uncertainty could create continued near-term pressure," the analyst notes. "We would expect additional weakness to Amarin shares if the company announces that it has begun hiring a sales force."
MKM maintains a Buy rating and price target of $15.00 on AMRN.
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 $10.84 yesterday, with a 52 week range of $5.99-$15.96.
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