Cantor analyst Louise Chen was out pounding the table on shares of Amarin Corporation plc (ADR) (NASDAQ:AMRN), assuming an Overweight rating and price target of $10.00, which represents a potential upside of 190% from where the stock is currently trading.
Chen wrote, “Amarin’s lead product, Vascepa, is positioned for statin-treated patients with persistent, elevated tryiglycerides. The Rxs (or prescriptions) have been growing and this has been driven by targeted promotion. Amarin is forecasting sales of $155MM to $165MM in 2017. Consensus estimates are at the high end at $165MM and we estimate sales of $162MM.”
“We think a greater marketing effort and positive results from the REDUCE-IT study in 2018 should drive upwards earnings revisions to levels not reflected in consensus numbers, and the stock higher.” the analyst added.
As usual, we recommend taking analyst notes with a grain of salt. According to TipRanks.com, which measures analysts’ and bloggers’ success rate based on how their calls perform, analyst Louise Chen has a yearly average return of -12.5% and a 38% success rate. Chen is ranked #4485 out of 4592 analysts.
As of this writing, the 4 analysts polled by TipRanks rate Amarin stock a Buy. With a return potential of 117%, the stock’s consensus target price stands at $7.50.