MKM Cuts PT on Amarin (AMRN) to $12; Sees 5% Chance of Partnering on Vascepa Now

MKM Partners is keeping its Buy call on Amarin (Nasdaq: AMRN), but cutting its price target by $3 to $12 following Thursday's announcement of new financing and plans to hire more sales staff.

The firm notes that Amarin's moves indicate a "go-it-alone" strategy on Vascepa. MKM also noted that, "if Amarin were to get denied NCE status or if there were to be another delay to the decision NCE, we would expect additional weakness to Amarin shares."

Accordingly, MKM is lowering some of its EPS targets:

• FY12 loss widens to $1.55;
  
• FY13 loss of 51 cents per share, from EPS of 21 cents;
  
• FY14 EPS of 15 cents, from $1.02;
  
• FY15 EPS from $1.68 down to 48 cents; and
  
• FY16 EPS from $2.11 down to $2.11.

MKM assumes there's a 5 percent chance of partnering Vascepa and 20 percent chance of acquisition.

Shares of Amarin are down 19 percent Friday.

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 $11.95 yesterday.

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