H.C. Wainwright Upgrades Amarin Corporation (AMRN) to Buy, Price Target $10
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H.C. Wainwright upgraded Amarin Corporation (NASDAQ: AMRN) from Neutral to Buy with a price target of $10.00 (from $2.50). Analyst Andrew S. Fein applauded the company's commitment to completing REDUCE-IT
"Amarin has spent the majority of the last year sparring with the FDA over what we view as a sudden shift in regulatory goalposts and unprecedented rescission of a SPA, which left the company’s ANCHOR sNDA in limbo since the AdCom panel of 4Q13 (Vascepa for the value-driving very high triglyceridemia (TG) market). Subscribing to the maxim “what is done is done,” we now applaud management for recently moving on from engaging the FDA in a hostile manner and affirming its commitment to fund the REDUCE-IT to completion," said Fein.
"We have always maintained that REDUCE-IT is the ultimate value-driver for Amarin, supporting launch in very high TG, and potentially an uptick in the existing high TG market. As we now move deeper into 2015 with management's stated certainty that the study will be funded to completion (likely 2018), we move our focus onto the timing and outcome of the interim analysis (likely 2016) resulting in either early stopping (from efficacy or safety) or study continuation. Although management has been hesitant to give detailed guidance on timing, herein we review the statistical optionality of the study and lay out potential readout timeframes (see detailed analysis inside) based on the company’s subject enrollment and event rate updates, historical averages in comparable CV and diabetes outcome studies, and assumptions on the efficacy of Vascepa," continued the analyst.
"In line with the company’s reaffirmed commitment to REDUCE-IT and our long standing bullish view on this study, we are upgrading our rating to Buy and raising our price target to $10 (previous PT was $2.50)," he added.
Shares of Amarin Corporation closed at $1.94 yesterday.
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