Amarin (AMRN) NCE Delay Not all Negative - MKM Partners
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Price: $16.37 -0.61%
Rating Summary:
6 Buy, 12 Hold, 2 Sell
Rating Trend: = Flat
Today's Overall Ratings:
Up: 0 | Down: 0 | New: 2
Rating Summary:
6 Buy, 12 Hold, 2 Sell
Rating Trend: = Flat
Today's Overall Ratings:
Up: 0 | Down: 0 | New: 2
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MKM Partners analyst Jon LeCroy weighed in on Amarin (NASDAQ: AMRN) Tuesday following news that NCE status on Vascepa was once again delayed. LeCroy said the NCE delay does have a silver lining, however.
"Obviously NCE designation is the preferred outcome but we view continued delays as better than no NCE, as delays effectively prevent Paragraph IV filings," the analyst notes. "While a lack of NCE designation is delaying generic filings, it also is perceived as preventing an acquisition of the company and Amarin shares may remain under pressure until an NCE decision is made. We expect the next
Orange Book update for June to occur around July 12."
The firm notes Vascepa prescriptions continue to grow but are running slightly below their previous estimates and they are slightly lowering 2013 and 2014 revenue and EPS estimates. That said, the firm views the 2013 consensus Vascepa revenue estimate of $57.4mn as "easily attainable."
LeCroy cut 2013 and 2014 revenue estimates to $68 million and $254.9 million, from $73.6 million and $263.7 million, previously. The firm's 2013 and 2014 EPS estimates are ($1.51) and ($0.82) from ($1.49) and ($0.78), previously.
The firm reiterated a Buy rating and price target of $12 on Amarin.
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 $6.62 yesterday.
"Obviously NCE designation is the preferred outcome but we view continued delays as better than no NCE, as delays effectively prevent Paragraph IV filings," the analyst notes. "While a lack of NCE designation is delaying generic filings, it also is perceived as preventing an acquisition of the company and Amarin shares may remain under pressure until an NCE decision is made. We expect the next
Orange Book update for June to occur around July 12."
The firm notes Vascepa prescriptions continue to grow but are running slightly below their previous estimates and they are slightly lowering 2013 and 2014 revenue and EPS estimates. That said, the firm views the 2013 consensus Vascepa revenue estimate of $57.4mn as "easily attainable."
LeCroy cut 2013 and 2014 revenue estimates to $68 million and $254.9 million, from $73.6 million and $263.7 million, previously. The firm's 2013 and 2014 EPS estimates are ($1.51) and ($0.82) from ($1.49) and ($0.78), previously.
The firm reiterated a Buy rating and price target of $12 on Amarin.
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 $6.62 yesterday.
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