Second-Half Vascepa Sales Growth Still in Focus for Amarin (AMRN); Aegis Maintains at 'Hold'
Aegis Capital maintains its Hold rating and $2 price target on Amarin Corp. (Nasdaq: AMRN) following Q1 results reported last week.
Analyst Ram Selvaraju Vascepa sales came in lighter than expected at $1.1 million, though R&D expenses of $11.7 million compared with the analysts expectation of $14 million.
Overall, this was an in-line quarter, with the firm recording a net loss of $0.15, as we had originally projected. We have gradually reduced our revenue expectations for Vascepa from $68mm to $66mm, in anticipation of sales growth in the second half of 2014 driven by the co-promotion arrangement with Kowa. The sales reps from Kowa are slated to begin promoting Vascepa this month, the analyst said.
FY14 revenue and loss outlook move from $68 million and $.46 per share to $66 million and $.40 per share.
Shares of Amarin Corporation closed at $1.51 yesterday.