JPMorgan Doesn't Rule Out Amarin (AMRN) Exploring Sale/Partnership into ANCHOR sNDA, NCE
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Price: $6.92 +0.44%
Rating Summary:
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Today's Overall Ratings:
Up: 21 | Down: 24 | New: 29
Rating Summary:
9 Buy, 3 Hold, 0 Sell
Rating Trend:
Down
Today's Overall Ratings:
Up: 21 | Down: 24 | New: 29
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JPMorgan is out with comments on Amarin Corp. (Nasdaq: AMRN) following the company's sales force and financing update for Vascepa last week.
The firm said investors should hang on to the stock moving forward, citing favorable risk-to-reward on the decision. JPMorgan noted that, given the NCE status of Vascepa and that the drug as FDA approval, it is no surprise that the pharma is ready to launch under the MARINE indication. Additionally, ANCHOR is expected to account for the majority of Amarin's sales, meaning a future partnership or sale isn't out of the question.
JPMorgan notes that the FDA is expected to release its November Orange Book update later this week. The firm thinks NCE is still a catalyst, but its expanding IP portfolio is lessening the effect. The firm commented, "Beyond NCE status, we await clarity on SG&A levels that will be needed to launch Vascepa as well as the initial launch trajectory of the product (we are anticipating a gradual uptake in the very high TG market)."
Amarin is also expected to submit an sNDA in late February for ANCHOR, with approval expected in late 2013. Ahead of any approval, JPMorgan sees Amarin revisiting strategic options ahead of an ANCHOR launch.
Finally, JPMorgan points out, "Amarin estimates that 1 out of 50 people in the US has TG levels over 500 mg/dL (the approved MARINE indication) and 1 out of 5 has TG levels above 200 mg/dL (the ANCHOR indication). Given almost two million TG-lowering prescriptions are dispensed monthly and a significant portion of the high/very high TG population remains untreated, we continue to see solid potential for Vascepa post launch, particularly with an expected label expansion by the end of 2013."
The firm maintains an Overweight rating on Amarin, trimming its 12-month price target to $20. Amarin shares are up ahead of the bell Tuesday.
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 $9.34 yesterday, with a 52 week range of $5.99-$15.96.
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The firm said investors should hang on to the stock moving forward, citing favorable risk-to-reward on the decision. JPMorgan noted that, given the NCE status of Vascepa and that the drug as FDA approval, it is no surprise that the pharma is ready to launch under the MARINE indication. Additionally, ANCHOR is expected to account for the majority of Amarin's sales, meaning a future partnership or sale isn't out of the question.
JPMorgan notes that the FDA is expected to release its November Orange Book update later this week. The firm thinks NCE is still a catalyst, but its expanding IP portfolio is lessening the effect. The firm commented, "Beyond NCE status, we await clarity on SG&A levels that will be needed to launch Vascepa as well as the initial launch trajectory of the product (we are anticipating a gradual uptake in the very high TG market)."
Amarin is also expected to submit an sNDA in late February for ANCHOR, with approval expected in late 2013. Ahead of any approval, JPMorgan sees Amarin revisiting strategic options ahead of an ANCHOR launch.
Finally, JPMorgan points out, "Amarin estimates that 1 out of 50 people in the US has TG levels over 500 mg/dL (the approved MARINE indication) and 1 out of 5 has TG levels above 200 mg/dL (the ANCHOR indication). Given almost two million TG-lowering prescriptions are dispensed monthly and a significant portion of the high/very high TG population remains untreated, we continue to see solid potential for Vascepa post launch, particularly with an expected label expansion by the end of 2013."
The firm maintains an Overweight rating on Amarin, trimming its 12-month price target to $20. Amarin shares are up ahead of the bell Tuesday.
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 $9.34 yesterday, with a 52 week range of $5.99-$15.96.
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