Amarin Corporation (AMRN) Top Line Weakens As Investors Wait for Patent Appeal Ruling - Citi

Citi analyst Joel Beatty reiterated a Buy rating and $12.00 price target on Amarin Corporation (NASDAQ: AMRN) after the company announced that 2Q20 net total revenue was $135M, up from $100M in 2Q19, but down from $152M in 1Q20. The company announced it plans to launch Vascepa on its own in Europe, instead of partnering, which will raise OpEx for 2021/2022.

The analyst stated "The key upcoming catalyst for AMRN is the patent appeal court decision related to Vascepa exclusivity (decision expected around ~YE20). We see a ~20-40% probability of AMRN winning, and anticipate the stock trading at $21/share upon a win by AMRN, or at $4.50/share upon a loss by AMRN. Though winning on appeal is somewhat rare, reasons we believe AMRN could win are: 1) AMRN’s case is generally viewed as strong, and thus may be more likely to win than a typical pharma appeal, 2) the original case was heard by a court in Nevada that hasn’t had many drug IP cases, and thus may have been more likely to have made a decision that’d be overruled by an appeals court, and 3) AMRN’s counsel has won 7 of 9 Hatch-Waxman appeals".

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 $6.97 yesterday.

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