In a report released today, Louise Chen from Cantor Fitzgerald maintained a Buy rating on Amarin (NASDAQ: AMRN), with a price target of $10. The company’s shares closed on Friday at $2.67, close to its 52-week low of $2.35.
Chen observed:
“. We reaffirm our OW rating and 12-month price target of $10 on AMRN. The risk-reward for AMRN’s stock is favorable ahead of what we expect to be positive results for its REDUCE-IT CV outcomes study. Top-line data are expected by the end of 3Q18, according to AMRN. Positive results from the REDUCE-IT study should drive upward earnings revisions to levels not reflected in consensus numbers and should drive AMRN’s stock higher, in our view. That said, the Street thinks REDUCE-IT will fail.”
According to TipRanks.com, Chen ‘s ranking currently consits of no stars on a 0-5 ranking scale, with an average return of -6.0% and a 41.4% success rate. Chen covers the Healthcare sector, focusing on stocks such as Bausch Health Companies Inc, Melinta Therapeutics Inc, and Aclaris Therapeutics Inc.
The word on The Street in general, suggests a Moderate Buy analyst consensus rating for Amarin with a $10 average price target, a 274.5% upside from current levels. In a report issued on August 2, H.C. Wainwright also reiterated a Buy rating on the stock with a $10 price target.
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Based on Amarin’s latest earnings release for the quarter ending March 31, the company reported a quarterly GAAP net loss of $24.26 million. In comparison, last year the company had a GAAP net loss of $13.91 million.
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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.
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