UPDATE: Citi Upgrades Amarin Corporation (AMRN) to Buy

November 8, 2013 7:04 AM EST
Get Alerts AMRN Hot Sheet
Price: $2.90 --0%

Rating Summary:
    8 Buy, 11 Hold, 0 Sell

Rating Trend: Up Up

Today's Overall Ratings:
    Up: 15 | Down: 17 | New: 10
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(Updated - November 8, 2013 9:23 AM EST)

(Updated - November 8, 2013 8:05 AM EST)

Citi upgraded Amarin Corporation (NASDAQ: AMRN) from Neutral to Buy with a price target of $2.50 (unchanged). Analyst Jonathan Eckard thinks the company is facing an uphill battle with the FDA, but in his view, the stock's current valuation doesn't reflect opportunity in smaller Marine population. He also sees upside from further cost cutting.

"While we still see a bumpy road ahead for AMRN over the next ~6 months, we believe the current valuation doesn't properly reflect the potential opportunity for Vascepa's FDA approved MARINE indication," said Eckard.

"We concur with the logic of AMRN's position on the FDA appeal around ANCHOR; however, we see a significant uphill battle to gain approval from the FDA in this setting. While we do see potential near-term upside if costs can be reduced further (ultimate termination of the REDUCE-IT outcomes trial), we expect our TP is more back-end loaded in our 12-month valuation window when we will have further clarity on OPEX requirements and as the MARINE launch matures," he added.

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 $1.41 yesterday.

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