Amarin (NASDAQ:AMRN) Stock Passes Above 200-Day Moving Average - What's Next?

Key Points

• Amarin Corporation's shares have recently surpassed their 200-day moving average, indicating potential upward momentum as they traded at a high of $16.02 before closing at $15.85.
• According to recent analyst ratings, Amarin has seen changes with one upgrade to a "buy" rating from Wall Street Zen, while Goldman Sachs has set a lower price target of $12.00 with a "sell" rating.
• The company's recent earnings report showed a revenue of $72.74 million, significantly exceeding estimates, while Amarin also reported a negative EPS of ($0.03) for the quarter ending July 30th.

Shares of Amarin Corporation PLC (NASDAQ:AMRN - Get Free Report) passed above its 200-day moving average during trading on Wednesday . The stock has a 200-day moving average of $12.08 and traded as high as $16.02. Amarin shares last traded at $15.85, with a volume of 61,746 shares changing hands.

Wall Street Analysts Forecast Growth

Several brokerages have recently commented on AMRN. Wall Street Zen raised shares of Amarin from a "hold" rating to a "buy" rating in a research report on Saturday, August 2nd. The Goldman Sachs Group lifted their target price on Amarin from $7.00 to $12.00 and gave the stock a "sell" rating in a research note on Wednesday, June 25th. One equities research analyst has rated the stock with a Sell rating, According to data from MarketBeat.com, the stock currently has a consensus rating of "Sell" and a consensus target price of $12.00.

Amarin Trading Up 1.0%

The firm has a market cap of $321.83 million, a PE ratio of -4.23 and a beta of 0.84. The stock has a fifty day simple moving average of $15.51 and a two-hundred day simple moving average of $12.22.

Amarin (NASDAQ:AMRN - Get Free Report) last posted its earnings results on Wednesday, July 30th. The biopharmaceutical company reported ($0.03) earnings per share for the quarter, beating analysts' consensus estimates of ($0.66) by $0.63. The business had revenue of $72.74 million during the quarter, compared to analyst estimates of $45.45 million. Amarin had a negative return on equity of 21.18% and a negative net margin of 47.22%. As a group, sell-side analysts predict that Amarin Corporation PLC will post -0.15 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

A number of hedge funds have recently added to or reduced their stakes in AMRN. Headlands Technologies LLC purchased a new position in shares of Amarin during the second quarter worth about $44,000. George Kaiser Family Foundation purchased a new position in shares of Amarin during the second quarter worth about $620,000. Jump Financial LLC purchased a new position in shares of Amarin during the second quarter worth about $623,000. GPS Wealth Strategies Group LLC purchased a new position in shares of Amarin during the second quarter worth about $32,000. Finally, Acadian Asset Management LLC grew its holdings in shares of Amarin by 112.3% during the first quarter. Acadian Asset Management LLC now owns 3,791,515 shares of the biopharmaceutical company's stock worth $1,685,000 after purchasing an additional 2,005,713 shares in the last quarter. Hedge funds and other institutional investors own 22.25% of the company's stock.

Amarin Company Profile

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.