Amarin (NASDAQ:AMRN) Lowered to "Hold" Rating by Zacks Research

Key Points

• Zacks Research downgraded Amarin from “strong buy” to “hold,” while other analysts have also turned cautious. The company’s average rating is currently “Reduce,” with one hold and one sell rating.
• Amarin shares opened at $14.13, near the lower end of their 52-week range of $12.96 to $20.90. The company has a market capitalization of approximately $298.4 million and a negative price-to-earnings ratio.
• Institutional investors have recently increased or initiated positions in Amarin, and hedge funds and other institutions now own 22.25% of the stock. The biopharmaceutical company’s key product is Vascepa, a prescription therapy aimed at reducing cardiovascular risk.

Amarin (NASDAQ:AMRN - Get Free Report) was downgraded by research analysts at Zacks Research from a "strong-buy" rating to a "hold" rating in a research note issued to investors on Monday,Zacks.com reports.

Other equities research analysts have also recently issued reports about the stock. Wall Street Zen cut shares of Amarin from a "buy" rating to a "hold" rating in a research report on Saturday, July 25th. Weiss Ratings restated a "sell (d-)" rating on shares of Amarin in a report on Friday, July 17th. One analyst has rated the stock with a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat, Amarin presently has an average rating of "Reduce".

Amarin Stock Performance

Shares of AMRN opened at $14.13 on Monday. Amarin has a one year low of $12.96 and a one year high of $20.90. The stock has a market capitalization of $298.43 million, a price-to-earnings ratio of -14.27 and a beta of 0.81. The stock has a 50 day moving average price of $14.83 and a 200 day moving average price of $14.75.

Institutional Trading of Amarin

Institutional investors have recently made changes to their positions in the company. GAMMA Investing LLC lifted its holdings in Amarin by 197.4% in the second quarter. GAMMA Investing LLC now owns 1,576 shares of the biopharmaceutical company's stock valued at $25,000 after acquiring an additional 1,046 shares during the last quarter. Renaissance Technologies LLC acquired a new stake in Amarin during the first quarter worth $278,000. Waterfront Wealth Inc. raised its position in Amarin by 42.7% in the first quarter. Waterfront Wealth Inc. now owns 203,338 shares of the biopharmaceutical company's stock valued at $2,940,000 after purchasing an additional 60,798 shares during the period. XTX Topco Ltd acquired a new position in shares of Amarin in the 4th quarter valued at $239,000. Finally, Millennium Management LLC grew its holdings in shares of Amarin by 25.6% during the 4th quarter. Millennium Management LLC now owns 166,235 shares of the biopharmaceutical company's stock worth $2,320,000 after purchasing an additional 33,844 shares during the period. Hedge funds and other institutional investors own 22.25% of the company's stock.

Amarin Company Profile

Amarin Corporation plc is a biopharmaceutical company focused on the commercialization and development of therapeutics for cardiovascular health. Founded in 1993 and headquartered in Dublin, Ireland, the company is publicly traded on the NASDAQ under the ticker AMRN. Amarin's primary mission is to improve cardiovascular outcomes through innovative lipid science and evidence-based therapies.

The company's flagship product is Vascepa® (icosapent ethyl), a high-purity prescription omega-3 fatty acid approved for the treatment of severe hypertriglyceridemia and as an adjunct to statin therapy to reduce the risk of cardiovascular events.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.

Continue following MarketBeat

Add MarketBeat as your preferred source on Google to see our latest stories in your feed.

Add As Preferred Source