Amarin (NASDAQ:AMRN) Upgraded at Zacks Research

Key Points

• Zacks Research upgraded Amarin from “hold” to “strong buy,” though the broader analyst consensus remains “hold” with an average price target of $13.00.
• Analyst opinions are mixed: Weiss Ratings maintained a “sell” rating, Wall Street Zen downgraded the stock to “hold,” and JPMorgan initiated coverage with an “underweight” rating and a $13.00 price target.
• Amarin shares opened at $12.07, near their 12-month low of $11.83, while institutional investors own 22.25% of the company and several funds recently increased their positions.

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

Other research analysts have also recently issued research reports about the stock. Weiss Ratings reiterated a "sell (d-)" rating on shares of Amarin in a research note on Friday, July 17th. Wall Street Zen cut Amarin from a "buy" rating to a "hold" rating in a report on Saturday, July 25th. Finally, JPMorgan Chase & Co. started coverage on Amarin in a research report on Friday, August 21st. They issued an "underweight" rating and a $13.00 price objective for the company. One analyst has rated the stock with a Strong Buy rating and two have given a Sell rating to the company's stock. According to MarketBeat.com, the company has an average rating of "Hold" and an average target price of $13.00.

Amarin Stock Down 0.2%

Shares of Amarin stock opened at $12.07 on Monday. Amarin has a 12-month low of $11.83 and a 12-month high of $20.90. The stock has a market capitalization of $254.92 million, a P/E ratio of -12.19 and a beta of 0.76. The company has a 50-day simple moving average of $13.80 and a 200 day simple moving average of $14.42.

Institutional Inflows and Outflows

Hedge funds have recently bought and sold shares of the company. GAMMA Investing LLC raised its position in shares of Amarin by 197.4% during the second quarter. GAMMA Investing LLC now owns 1,576 shares of the biopharmaceutical company's stock worth $25,000 after acquiring an additional 1,046 shares during the last quarter. Renaissance Technologies LLC bought a new position in Amarin in the first quarter valued at about $278,000. Waterfront Wealth Inc. raised its holdings in Amarin by 42.7% during the 1st quarter. Waterfront Wealth Inc. now owns 203,338 shares of the biopharmaceutical company's stock worth $2,940,000 after purchasing an additional 60,798 shares during the last quarter. Eversept Partners LP lifted its position in Amarin by 2.9% during the 4th quarter. Eversept Partners LP now owns 172,188 shares of the biopharmaceutical company's stock valued at $2,403,000 after purchasing an additional 4,912 shares during the period. Finally, Brooklands Fund Management Ltd acquired a new position in Amarin during the 4th quarter valued at about $42,000. 22.25% of the stock is currently owned by institutional investors.

About Amarin

Amarin Corporation plc NASDAQ: AMRN is a biopharmaceutical company focused on developing and commercializing therapies for cardiovascular disease. The company's primary product is icosapent ethyl, an omega-3 fatty acid formulation derived from eicosapentaenoic acid (EPA).

In the United States, icosapent ethyl is marketed as Vascepa and is approved as an adjunct to diet for certain patients with elevated triglyceride levels. It is also approved to reduce the risk of cardiovascular events, such as heart attack and stroke, in specified high-risk adult patients.

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