H.C. Wainwright Shines Light on Amarin Corporation plc (ADR) (AMRN) 2Q:16 Update

In a research report issued Friday, H.C. Wainwright analyst Andrew Fein reiterated a Buy rating on shares of Amarin Corporation plc (ADR) (NASDAQ:AMRN), with a price target of $10, after the drug maker reported second-quarter results and gave a corporate update. Shares of Amarin are currently trading at $3.35, up $0.07 or 2.13%.

Fein highlights four key points from yesterday’s earnings call: (1) the company’s underlying business continues to exceed Street expectations (2Q revenue for Vascepa was $32.8 v. consensus of $29M); (2) modification of REDUCE-IT protocol to expand secondary and tertiary endpoints; and (3) the addition of a second interim efficacy analysis on tap for mid-2017.

Fein believes that the main reason of investors’ malaise in Amarin thus far has been the lack of near-term catalysts, especially given the widespread belief that the upcoming interim (in 1-2 months) is expected to be a study continuation. However, the analyst believes that the announcement of a second interim analysis significantly changes the story. He notes, “We believe this additional catalyst will finally begin to engage those investors with shorter time horizons who had initially intended entry closer to full study readout (end of 2017/ early 2018). Following what we believe to be a clever strategic move, 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 15.1% and a 51.1% success rate. Fein has a 70% average return when recommending AMRN, and is ranked #160 out of 4090 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 100%, the stock’s consensus target price stands at $6.75.

Recommended Article: Amarin Corporation and FDA Reaffirm Concurrence on REDUCE-IT Through Special Protocol Assessment Agreement Amendment


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