Canaccord Genuity Reiterates a 'Buy' on Amarin (AMRN); Convert Offering Gives Cash Runway, Launch Flexibility
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Price: $14.09 +0.21%
Rating Summary:
6 Buy, 12 Hold, 2 Sell
Rating Trend:
Up
Today's Overall Ratings:
Up: 8 | Down: 5 | New: 26
Rating Summary:
6 Buy, 12 Hold, 2 Sell
Rating Trend:
Up
Today's Overall Ratings:
Up: 8 | Down: 5 | New: 26
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Canaccord Genuity reiterates a 'Buy' on Amarin Corporation (NASDAQ: AMRN) price target cut from $35 to $25.
Canaccord analyst, Ritu Baral, says, "We think new $150M convert offering gives AMRN options for AMR101 launch, leverage in deal talks. We think AMRN now has enough cash to bankroll an optimal 101 MARINE launch and strong leverage in partnership talks. We strongly believe AMRN remains committed to deal structures that leave the AMR101 asset and the company largely unencumbered."
"We do not think offering timing reflects on AMR101 ultimate chance of IP success, but note timing of patent allowances can be uncertain. We continue to believe progress will occur in H1/12, but market reactions to developments and PTO actions may continue to be jumpy and sceptical. As a result, we are increasing our discount rate from 17.5% to 22.5%."
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 $6.35 yesterday.
Canaccord analyst, Ritu Baral, says, "We think new $150M convert offering gives AMRN options for AMR101 launch, leverage in deal talks. We think AMRN now has enough cash to bankroll an optimal 101 MARINE launch and strong leverage in partnership talks. We strongly believe AMRN remains committed to deal structures that leave the AMR101 asset and the company largely unencumbered."
"We do not think offering timing reflects on AMR101 ultimate chance of IP success, but note timing of patent allowances can be uncertain. We continue to believe progress will occur in H1/12, but market reactions to developments and PTO actions may continue to be jumpy and sceptical. As a result, we are increasing our discount rate from 17.5% to 22.5%."
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 $6.35 yesterday.
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