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

Key Points

• Amarin Corporation's stock price recently surpassed its 200-day moving average, reaching a high of $15.30 before closing at $14.97.
• Analysts have adjusted their ratings on Amarin, with Wall Street Zen upgrading it from a "sell" to a "hold," while Goldman Sachs increased their price target from $7.00 to $12.00.
• In its latest earnings report, Amarin posted a net revenue of $72.74 million, significantly above analysts' expectations of $45.45 million, while reporting an earnings per share of ($0.03).

Amarin Corporation PLC (NASDAQ:AMRN - Get Free Report) crossed above its 200-day moving average during trading on Wednesday . The stock has a 200-day moving average of $11.69 and traded as high as $15.30. Amarin shares last traded at $14.97, with a volume of 84,618 shares trading hands.

Wall Street Analysts Forecast Growth

AMRN has been the topic of a number of recent research reports. Wall Street Zen upgraded shares of Amarin from a "hold" rating to a "buy" rating in a research report on Saturday. The Goldman Sachs Group increased their price target on shares of Amarin from $7.00 to $12.00 and gave the company a "sell" rating in a research report on Wednesday, June 25th.

Amarin Stock Up 4.4%

The stock has a market cap of $313.96 million, a P/E ratio of -4.13 and a beta of 0.84. The firm's fifty day moving average price is $14.46 and its 200-day moving average price is $11.75.

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

Institutional Trading of Amarin

Several large investors have recently added to or reduced their stakes in the stock. Acadian Asset Management LLC boosted its holdings in Amarin by 112.3% in 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. Waterfront Wealth Inc. boosted its holdings in Amarin by 1.3% in the first quarter. Waterfront Wealth Inc. now owns 2,514,615 shares of the biopharmaceutical company's stock valued at $1,127,000 after acquiring an additional 32,849 shares in the last quarter. Jones Financial Companies Lllp boosted its holdings in Amarin by 449,522.1% in the first quarter. Jones Financial Companies Lllp now owns 1,811,977 shares of the biopharmaceutical company's stock valued at $815,000 after acquiring an additional 1,811,574 shares in the last quarter. BNP Paribas Financial Markets boosted its holdings in Amarin by 3.0% in the fourth quarter. BNP Paribas Financial Markets now owns 1,340,920 shares of the biopharmaceutical company's stock valued at $650,000 after acquiring an additional 39,452 shares in the last quarter. Finally, Quinn Opportunity Partners LLC boosted its holdings in Amarin by 85.2% in the fourth quarter. Quinn Opportunity Partners LLC now owns 1,106,539 shares of the biopharmaceutical company's stock valued at $537,000 after acquiring an additional 508,989 shares in the last quarter. Institutional investors 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.