Amarin (NASDAQ:AMRN) Upgraded to "Buy" at Wall Street Zen

Key Points

• Wall Street Zen upgraded Amarin from “hold” to “buy,” though broader analyst sentiment remains mixed with a consensus “hold” rating and a $13.00 price target.
• Amarin reported quarterly EPS of $0.08, beating estimates for a $0.10 loss, but revenue of $39.55 million came in below the $43.76 million analyst forecast.
• The stock opened at $12.07, with a market capitalization of approximately $255 million; institutional investors own 22.25% of the company after several funds increased their positions.

Amarin (NASDAQ:AMRN - Get Free Report) was upgraded by investment analysts at Wall Street Zen from a "hold" rating to a "buy" rating in a research report issued on Saturday, Wall Street Zen reports.

Several other equities research analysts have also recently issued reports on AMRN. JPMorgan Chase & Co. began coverage on shares of Amarin in a report on Friday, August 21st. They issued an "underweight" rating and a $13.00 target price on the stock. Zacks Research upgraded shares of Amarin from a "hold" rating to a "strong-buy" rating in a research note on Monday, October 5th. Finally, Weiss Ratings reissued a "sell (d-)" rating on shares of Amarin in a report on Thursday, October 15th. One investment analyst has rated the stock with a Strong Buy rating and two have given a Sell rating to the company. According to data from MarketBeat.com, the stock has a consensus rating of "Hold" and a consensus price target of $13.00.

Amarin Stock Performance

AMRN opened at $12.07 on Friday. The company's 50-day simple moving average is $12.97 and its two-hundred day simple moving average is $14.32. The stock has a market capitalization of $254.95 million, a P/E ratio of -12.57 and a beta of 0.76. Amarin has a 52-week low of $11.25 and a 52-week high of $17.31.

Amarin (NASDAQ:AMRN - Get Free Report) last announced its quarterly earnings results on Wednesday, October 28th. The biopharmaceutical company reported $0.08 EPS for the quarter, topping analysts' consensus estimates of ($0.10) by $0.18. Amarin had a negative net margin of 10.87% and a negative return on equity of 0.52%. The firm had revenue of $39.55 million during the quarter, compared to analyst estimates of $43.76 million. Research analysts forecast that Amarin will post -0.85 EPS for the current fiscal year.

Institutional Investors Weigh In On Amarin

A number of large investors have recently made changes to their positions in the company. Waterfront Wealth Inc. boosted its holdings in shares of Amarin by 42.7% in the first quarter. Waterfront Wealth Inc. now owns 203,338 shares of the biopharmaceutical company's stock worth $2,940,000 after buying an additional 60,798 shares during the last quarter. Brooklands Fund Management Ltd increased its holdings in Amarin by 23.1% during the third quarter. Brooklands Fund Management Ltd now owns 218,373 shares of the biopharmaceutical company's stock valued at $2,839,000 after buying an additional 41,048 shares during the last quarter. Renaissance Technologies LLC purchased a new stake in Amarin during the first quarter valued at approximately $278,000. Crossmark Global Holdings Inc. bought a new position in Amarin in the third quarter worth approximately $146,000. Finally, LCM Capital Management Inc raised its position in Amarin by 17.1% in the third quarter. LCM Capital Management Inc now owns 60,162 shares of the biopharmaceutical company's stock worth $782,000 after acquiring an additional 8,800 shares during the period. 22.25% of the stock is currently owned by institutional investors.

About Amarin

Amarin Corporation plc is a biopharmaceutical company focused on developing and commercializing therapies intended to reduce cardiovascular risk. Its principal product is VASCEPA (icosapent ethyl), a prescription omega-3 fatty-acid medicine derived from highly purified eicosapentaenoic acid.

VASCEPA was initially approved in the United States to help lower triglyceride levels in certain patients and later received expanded approval to reduce the risk of cardiovascular events in eligible adults with elevated cardiovascular risk.

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