MKM Partners Doesn't See NCE Status or a Quick Sale for Amarin (AMRN)
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Rating Summary:
9 Buy, 3 Hold, 0 Sell
Rating Trend:
Up
Today's Overall Ratings:
Up: 12 | Down: 19 | New: 21
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MKM Partners analyst Jon LeCroy commented on Amarin Corporation (NASDAQ: AMRN) Tuesday after an updated Orange Book Cumulative Supplement for December once again failed to rule on NCE status for Vascepa.
LeCroy notes this is the sixth delay to the NCE decision, and they continue to assume that Amarin will be unable to successfully petition the FDA to grant Vascepa NCE status.
"With the next Orange Book update not expected until around February 15 and the Vascepa launch expected in the next two weeks, we think both investors and potential acquirers will focus on early Vascepa prescription and sales trends, making a fast launch extremely important," he comments.
LeCroy also thinks it is unlikely that Amarin will be acquired before the ANCHOR indication expected approval in late 2013.
The analyst notes a full launch of Vascepa is expected by the end of January. They also note 1,000 high-prescribing physicians are enrolled in the Vascepa EPA early-enrollment program, with a goal of getting 5,000 patients on the drug immediately. The company expects to file the sNDA for the ANCHOR indication (patients with high triglycerides) in February. Amarin also recently completed dosing of a Vascepa statin combination study and expects to get the results in the first half of 2013.
The firm maintained a Buy rating and price target of $12.00 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 $8.47 yesterday, with a 52 week range of $7.01-$15.96.
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LeCroy notes this is the sixth delay to the NCE decision, and they continue to assume that Amarin will be unable to successfully petition the FDA to grant Vascepa NCE status.
"With the next Orange Book update not expected until around February 15 and the Vascepa launch expected in the next two weeks, we think both investors and potential acquirers will focus on early Vascepa prescription and sales trends, making a fast launch extremely important," he comments.
LeCroy also thinks it is unlikely that Amarin will be acquired before the ANCHOR indication expected approval in late 2013.
The analyst notes a full launch of Vascepa is expected by the end of January. They also note 1,000 high-prescribing physicians are enrolled in the Vascepa EPA early-enrollment program, with a goal of getting 5,000 patients on the drug immediately. The company expects to file the sNDA for the ANCHOR indication (patients with high triglycerides) in February. Amarin also recently completed dosing of a Vascepa statin combination study and expects to get the results in the first half of 2013.
The firm maintained a Buy rating and price target of $12.00 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 $8.47 yesterday, with a 52 week range of $7.01-$15.96.
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