Amarin Corporation (AMRN) Loses Appeal, Piper Sandler Reiterates Outperform
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Piper Sandler analyst Yasmeen Rahimi reiterated an Overweight rating and $21.00 price target on Amarin Corporation (NASDAQ: AMRN) after the Federal Circuit Court of Appeals affirmed the District Court's invalidation of Vascepa's patents. Shares appear to be trading up because a win in the appeals case was regarded as a call option. With the bandaid ripped off, value investors appreciate the significant EU opportunity for Vascepa as well as the hard truth that Vascepa's sales are not going to immediately go to zero given the comprehensive supply and manufacturing commitments. Investors may be focused on a potential takeout with an ideal Large Pharma partner with deep EU presence.
The analyst stated "The quick turnaround of affirmation (without opinion) took us by surprise, yet there are two options to respond (en banc appeal by all 12 judges on appeals court and/or petition to
the Supreme Court). Regardless, today's response by the market signals that the appeals ruling was likely regarded as a call option, and the new focus going forward should be on the EU opportunity for Vascepa".
Shares of Amarin Corporation closed at $4.69 yesterday.
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