UPDATE: Goldman Sachs Downgrades Amarin Corporation (AMRN) to Sell
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Goldman Sachs analyst Paul Choi downgraded Amarin Corporation (NASDAQ: AMRN) from Neutral to Sell with a price target of $5.00 (from $6.00).
THe analyst comments "Our view is supported by conversations with physicians who overwhelmingly indicate plans to prescribe generic products, particularly given coverage and cost challenges associated with branded Vascepa. While we remain positive on the opportunity for Vazkepa in Europe and other regions (e.g., China), it takes ~12 months for new products to achieve reimbursement in most major European countries (excluding Germany); as Vazkepa was just approved by the EMA in March and AMRN does not plan to launch the product until 3Q21, we do not expect meaningful growth
in Europe until 2022 and beyond. Against this backdrop, we see increasing urgency for AMRN to engage in more active business development to develop the pipeline that can be commercial-ready ahead of European loss of exclusivity in the early 2030s."
Shares of Amarin Corporation closed at $4.61 yesterday.
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