Amarin (AMRN) Shares Continue Higher as M&A Chatter Persists, Peer Provides Concerning Phase 3 Data
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Following a 2-plus percent move higher on Wednesday following some M&A chatter from Bloomberg, Amarin (Nasdaq: AMRN) shares are continuing sharply higher Thursday.
The stock seems to have broken above technical levels at both $10 and $10.50 this morning and is now up over 12 percent to around $11.20. Volume looks heavy already: just minutes after the open about 1.4 million shares of the stock have already traded hands, compared to it's average daily volume of about 6 million shares.
In addition to the continued chatter this morning, traders may also be responding to news of positive top-line results from Omthera Pharma's Phase 3 EVOLVE study for Epanova. The company's study results did not define LDL info for the product, which should be a positive for Amarin.
The stock seems to have broken above technical levels at both $10 and $10.50 this morning and is now up over 12 percent to around $11.20. Volume looks heavy already: just minutes after the open about 1.4 million shares of the stock have already traded hands, compared to it's average daily volume of about 6 million shares.
In addition to the continued chatter this morning, traders may also be responding to news of positive top-line results from Omthera Pharma's Phase 3 EVOLVE study for Epanova. The company's study results did not define LDL info for the product, which should be a positive for Amarin.
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