Amarin (NASDAQ:AMRN) Posts Quarterly Earnings Results, Beats Expectations By $0.63 EPS

Key Points

• Amarin reported a quarterly earnings per share of ($0.03), significantly beating the consensus estimate of ($0.66), with revenue reaching $72.74 million compared to expectations of $45.45 million.
• The company's stock experienced a 4.4% increase, closing at $15.16, with its market cap at approximately $313.96 million.
• Jones Financial Companies Lllp substantially increased its position in Amarin shares by 449,522.1%, owning 8.75% of the company post-acquisition.

Amarin (NASDAQ:AMRN - Get Free Report) announced its quarterly earnings results on Wednesday. The biopharmaceutical company reported ($0.03) EPS for the quarter, topping analysts' consensus estimates of ($0.66) by $0.63, Zacks reports. Amarin had a negative return on equity of 21.18% and a negative net margin of 47.22%. The company had revenue of $72.74 million during the quarter, compared to analyst estimates of $45.45 million.

Amarin Trading Down 2.2%

Amarin stock traded down $0.34 on Tuesday, hitting $15.04. 60,876 shares of the stock traded hands, compared to its average volume of 96,459. The firm has a market cap of $311.48 million, a P/E ratio of -4.10 and a beta of 0.84. The business's fifty day simple moving average is $14.55 and its 200 day simple moving average is $11.79. Amarin has a 1 year low of $7.08 and a 1 year high of $17.49.

Hedge Funds Weigh In On Amarin

A hedge fund recently raised its stake in Amarin stock. Jones Financial Companies Lllp raised its position in shares of Amarin Corporation PLC (NASDAQ:AMRN - Free Report) by 449,522.1% in the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 1,811,977 shares of the biopharmaceutical company's stock after buying an additional 1,811,574 shares during the quarter. Jones Financial Companies Lllp owned about 8.75% of Amarin worth $815,000 at the end of the most recent quarter. Hedge funds and other institutional investors own 22.25% of the company's stock.

Analyst Upgrades and Downgrades

A number of analysts recently commented on the company. The Goldman Sachs Group raised their price target on Amarin from $7.00 to $12.00 and gave the stock a "sell" rating in a research note on Wednesday, June 25th. Wall Street Zen raised Amarin from a "hold" rating to a "buy" rating in a research note on Saturday.

About Amarin

Amarin Corporation plc, a pharmaceutical company, engages in the development and commercialization of therapeutics for the treatment of cardiovascular diseases in the United States, European countries, Canada, Lebanon, and the United Arab Emirates. The company offers VASCEPA, a prescription-only omega-3 fatty acid product, used as an adjunct to diet for reducing triglyceride levels in adult patients with severe hypertriglyceridemia.