H.C. Wainwright Reiterates Buy on Amarin Corporation plc (ADR) Following 1Q:16 Update
In a research report issued this morning, H.C. Wainwright analyst Andrew Fein reiterated a Buy rating on shares of Amarin Corporation plc (ADR) (NASDAQ:AMRN), with a $10 price target, after the biotech company reported first-quarter results and provided investors with an update on its commercial and clinical operations. Amarin shares closed yesterday at $1.65, down $0.15 or -8.33%.
Fein noted, “As we edge closer and closer to REDUCE-IT’s topline results in 2018, this past quarter finally provided the investment community with some material updates regarding the trial progress, which has, until recently, only been a topic of speculation: (1) REDUCE-IT has reached its target enrollment and now has over 8,000 patients in the study; and (2) the onset of approximately 60% of target primary cardiovascular events have been reached, triggering preparations of the pre-specified interim analysis by the DMC, with a decision to be made in Sep/Oct […] Ahead of the expected heightened volatility, volume and likely share price appreciation, we believe, leading into the interim readout event this year, we reiterate our Buy rating.”
According to TipRanks.com, which measures analysts’ and bloggers’ success rate based on how their calls perform, analyst Andrew Fein has a yearly average return of 2.2% and a 42.0% success rate. Fein has a -9% average return when recommending AMRN, and is ranked #1158 out of 3899 analysts.
Out of the 3 analysts polled by TipRanks, 2 rate Amarin Corporation Plc stock a Buy, while 1 rates the stock a Hold. With a return potential of 309.1%, the stock’s consensus target price stands at $6.75.