Jefferies Comments on Final Rejection Letter of Amarin's (AMRN) MARINE Patent, Reaffirms Buy Rating

August 19, 2011 10:31 AM EDT
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Price: $2.95 +2.43%

Rating Summary:
    8 Buy, 11 Hold, 0 Sell

Rating Trend: Up Up

Today's Overall Ratings:
    Up: 30 | Down: 30 | New: 23
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Jefferies is maintaining its Buy rating and $25 price target on shares of Amarin Corporation (NASDAQ: AMRN) following the final rejection letter for the MARINE patent application.

The firm highlights that the examiner's concerns were the same as the ones raised in the non-final rejection letter. Jefferies believes the concerns will be easy to address and would not dismiss the likely hood of a successful prosecution.

Jefferies is forecasting significant upside to the stocks current price following the acceptance of the MARINE patent and notes that it will provide protection until 2030.

AMRN plans to submit an appeal for the ‘889 application soon, which is inline with the firms expectation of a 6-month delay for an office action.

An analyst at Jefferies comments, "We believe the Street may be highly focused on IP as a key gating factor for a potential pharma partnership or acquisition. We continue to see the PTO’s objections to the ‘889 application as logically flawed and as weak grounds for rejection."

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 $11.09 yesterday.

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