Cantor Fitzgerald analyst Louise Chen assigned a Buy rating to Amarin (NASDAQ: AMRN) today and set a price target of $10. The company’s shares opened today at $2.86, close to its 52-week low of $2.66.
Chen commented:
“We reaffirm our OW rating and believe that a positive read-out from the REDUCE-IT outcomes study, expected in 3Q18, will expand the indicated patient population of ~4M to ~75M for Vascepa, creating a multi-billion-dollar market opportunity for AMRN. Valuation Summary We continue to use a blend of DCF and multiples (EV/EBITDA) analysis to get to our 12-month price target of $10.”
According to TipRanks.com, Chen ‘s ranking currently consits of no stars on a 0-5 ranking scale, with an average return of -4.7% and a 42.3% success rate. Chen covers the Healthcare sector, focusing on stocks such as Melinta Therapeutics Inc, Aclaris Therapeutics Inc, and Paratek Pharmaceuticals.
Currently, the analyst consensus on Amarin is a Moderate Buy with an average price target of $10.
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The company has a one-year high of $4.60 and a one-year low of $2.66. Currently, Amarin has an average volume of 2.42M.
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Amarin Corp. Plc is a biopharmaceutical company, which focuses on the commercialization and development of therapeutics for cardiovascular health. It’s product development program leverages its experience in lipid science and the potential therapeutic benefits of polyunsaturated fatty acids. It has developed and markets Vascepa capsules through wholesale.
