Amarin Corporation plc (ADR) (NASDAQ:AMRN) announced that it has commenced an underwritten public offering of its American Depositary pursuant to a shelf registration. All of the shares in the proposed offering are to be sold by Amarin. The offering is subject to market conditions, and there can be no assurance as to whether or when the offering may be completed, or the actual size or terms of the offering.
Jefferies LLC and Citigroup Global Markets Inc. are acting as joint book-running managers in the offering. Cantor Fitzgerald & Co.is acting as lead manager and H.C. Wainwright & Co. and SunTrust Robinson Humphrey are acting as co-managers in this offering. Amarin intends to grant the underwriters a 30-day option to purchase additional shares of its common stock in an amount up to 15% of the shares sold in the offering, on the same terms and conditions. (Original Source)
Shares of Amarin are falling nearly 17% to $2.75 in after-hours trading. AMRN has a 1-year high of $3.46 and a 1-year low of $1.24. The stock’s 50-day moving average is $2.43 and its 200-day moving average is $1.86.
On the ratings front, Amarin has been the subject of a number of recent research reports. In a report released yesterday, Jefferies C1o. analyst Eun Yang reiterated a Buy rating on AMRN. Separately, on August 5, H.C. Wainwright’s Andrew Fein reiterated a Buy rating on the stock and has a price target of $10.
According to TipRanks.com, which ranks over 7,500 financial analysts and bloggers to gauge the performance of their past recommendations, Eun Yang and Andrew Fein have a total average return of -0.9% and 15.2% respectively. Yang has a success rate of 59% and is ranked #3096 out of 4110 analysts, while Fein has a success rate of 47% and is ranked #182.
Amarin Corp. Plc is a biopharmaceutical company, which engages in the commercialization and development of therapeutics to improve cardiovascular health. Its product, Vascepa capsules, is use as an adjunct to diet to reduce triglyceride levels in adult patients with severe hypertriglyceridemia.