Amarin (NASDAQ:AMRN) Stock Price Passes Above 200 Day Moving Average - Here's What Happened

Key Points

• Amarin Corporation (NASDAQ:AMRN) shares recently surpassed their 200-day moving average of $12.50, reaching a trading high of $15.20.
• Goldman Sachs has downgraded Amarin to a "sell" rating with a target price of $12.00, while Wall Street Zen upgraded it to a "buy" rating.
• Amarin reported earnings of ($0.03) per share, significantly exceeding expectations, with revenue of $72.74 million compared to the estimated $45.45 million.

Amarin Corporation PLC (NASDAQ:AMRN - Get Free Report)'s share price crossed above its two hundred day moving average during trading on Thursday . The stock has a two hundred day moving average of $12.50 and traded as high as $15.20. Amarin shares last traded at $14.97, with a volume of 38,257 shares.

Wall Street Analyst Weigh In

AMRN has been the subject of a number of analyst reports. Zacks Research lowered shares of Amarin from a "strong-buy" rating to a "hold" rating in a report on Monday, August 25th. Wall Street Zen upgraded Amarin from a "hold" rating to a "buy" rating in a report on Saturday, August 2nd. Finally, 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. One research analyst has rated the stock with a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat, the stock has a consensus rating of "Reduce" and a consensus target price of $12.00.

Amarin Stock Down 1.0%

The business has a fifty day simple moving average of $15.41 and a 200-day simple moving average of $12.59. The firm has a market cap of $305.55 million, a P/E ratio of -4.04 and a beta of 0.77.

Amarin (NASDAQ:AMRN - Get Free Report) last posted its quarterly earnings data 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. The business had revenue of $72.74 million during the quarter, compared to the consensus estimate of $45.45 million. Amarin had a negative return on equity of 21.18% and a negative net margin of 47.22%. On average, sell-side analysts anticipate that Amarin Corporation PLC will post -0.15 EPS for the current fiscal year.

Hedge Funds Weigh In On Amarin

Several institutional investors and hedge funds have recently modified their holdings of AMRN. Acadian Asset Management LLC increased 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 valued at $1,685,000 after acquiring an additional 2,005,713 shares in the last quarter. Jones Financial Companies Lllp increased its stake in Amarin by 449,522.1% during the 1st quarter. Jones Financial Companies Lllp now owns 1,811,977 shares of the biopharmaceutical company's stock valued at $815,000 after purchasing an additional 1,811,574 shares in the last quarter. Stonepine Capital Management LLC increased its stake in Amarin by 470.3% during the 1st quarter. Stonepine Capital Management LLC now owns 651,614 shares of the biopharmaceutical company's stock valued at $293,000 after purchasing an additional 537,357 shares in the last quarter. Jane Street Group LLC bought a new stake in Amarin during the 4th quarter valued at about $130,000. Finally, Banque Cantonale Vaudoise bought a new stake in shares of Amarin during the first quarter valued at approximately $25,000. 22.25% of the stock is currently owned by institutional investors.

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.