Amarin Corporation (AMRN) Selloff on Vascepta Appeal Denial Has Little Impact on Number Kneejerk Selloff is Buying Opportunity - Northland Capital Markets
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Northland Capital Markets analyst Carl Byrnes reiterated an Outperform rating and $15.00 price target on Amarin Corporation (NASDAQ: AMRN) noting that the expanded label remains enforceable despite the US Supreme Court rejecting Amarin’s appeal bid for VASCEPA (icosapent ethyl) patents covering its use for treating hypertriglyceridemia.
The analyst stated "The selloff in AMRN shares in response to the US Supreme Court's decision not to hear an appeal on VASCEPA patents related to its use for treating hypertriglyceridemia is, in our opinion, an extreme overreaction. The US Supreme Court rarely hears patent appeals. Further, Amarin's patents covering VASCEPA's expanded label for reducing persistent cardiovascular risk (PCVR) remain intact and fully enforceable. The expanded label represents ~90% of total prescriptions."
Shares of Amarin Corporation closed at $4.70 yesterday.
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