Amarin (NASDAQ:AMRN) Shares Pass Above 200-Day Moving Average - Here's Why

Key Points

• Amarin Corporation PLC's share price surpassed its 200-day moving average of $13.33, reaching a high of $20.43, before last trading at $19.27.
• Recent analyst ratings for Amarin have varied, with Goldman Sachs raising their price target to $12.00 but maintaining a "sell" rating, while Wall Street Zen upgraded it to a "buy."
• The company reported a quarterly revenue of $72.74 million, exceeding estimates, and a much smaller loss per share compared to analysts' expectations.

Amarin Corporation PLC (NASDAQ:AMRN - Get Free Report)'s share price crossed above its two hundred day moving average during trading on Tuesday . The stock has a two hundred day moving average of $13.33 and traded as high as $20.43. Amarin shares last traded at $19.27, with a volume of 189,962 shares changing hands.

Wall Street Analysts Forecast Growth

A number of research analysts have recently weighed in on the company. The Goldman Sachs Group raised their price objective on Amarin from $7.00 to $12.00 and gave the company a "sell" rating in a research report on Wednesday, June 25th. Zacks Research lowered Amarin from a "strong-buy" rating to a "hold" rating in a research report on Monday, August 25th. Weiss Ratings restated a "sell (d-)" rating on shares of Amarin in a research report on Saturday, September 27th. Finally, Wall Street Zen upgraded Amarin from a "hold" rating to a "buy" rating in a research report on Saturday, August 2nd. One research analyst has rated the stock with a Hold rating and two have issued a Sell rating to the stock. According to MarketBeat, the company presently has a consensus rating of "Sell" and a consensus target price of $12.00.

Amarin Stock Down 0.3%

The company has a market cap of $398.50 million, a P/E ratio of -5.25 and a beta of 0.62. The business's 50 day moving average is $15.57 and its 200 day moving average is $13.33.

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

Hedge Funds Weigh In On Amarin

A number of hedge funds have recently made changes to their positions in AMRN. GPS Wealth Strategies Group LLC purchased a new position in Amarin in the 2nd quarter worth approximately $32,000. Headlands Technologies LLC acquired a new position in shares of Amarin in the second quarter worth $44,000. George Kaiser Family Foundation acquired a new position in shares of Amarin in the second quarter worth $620,000. Jump Financial LLC acquired a new position in shares of Amarin in the second quarter worth $623,000. Finally, Banque Cantonale Vaudoise acquired a new position in shares of Amarin in the first quarter worth $25,000. Institutional investors and hedge funds own 22.25% of the company's stock.

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.

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