Oppenheimer Starts Amarin Corporation (AMRN) at Underperform, $7 PT
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Oppenheimer analyst Leland Gershell initiates coverage on Amarin Corporation (NASDAQ: AMRN) with an Underperform rating and a price target of $7.00.
The analyst commented, "With a ~$7.3B EV, we believe AMRN’s valuation reflects expectations that, following an anticipated near-term label expansion of sole omega-3 product Vascepa: 1) sales will inflect and grow to $2B+ by 2023-24; and 2) operating margins will meaningfully improve. In contrast, we forecast sales growth to underwhelm and heavy selling costs to impede profitability. Furthermore, we believe that a ~12-month stream of late-stage competitor data starting next month will increasingly weigh on shares as these products, which we believe offer superior profiles, are factored into models. While some may regard AMRN as a probable M&A target, we see the likelihood of this outcome as only shrinking with time. We initiate coverage at Underperform with a $7 price target."
Shares of Amarin Corporation closed at $22.60 yesterday.
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