JPMorgan Chase & Co. Begins Coverage on Amarin (NASDAQ:AMRN)

Key Points

• JPMorgan initiated coverage of Amarin with an “underweight” rating and a $13.00 price target, implying roughly 8% downside from the prior close.
• Analyst sentiment is broadly negative: Amarin has a consensus “Sell” rating from three analysts, with one Hold and two Sell ratings, and an average target price of $13.00.
• Amarin shares recently traded at $14.13, near the lower end of their 52-week range of $12.96 to $20.90. Institutional investors own approximately 22.25% of the company.

Analysts at JPMorgan Chase & Co. assumed coverage on shares of Amarin (NASDAQ:AMRN - Get Free Report) in a research note issued to investors on Friday. The firm set an "underweight" rating and a $13.00 price target on the biopharmaceutical company's stock. JPMorgan Chase & Co.'s target price indicates a potential downside of 8.00% from the company's previous close.

Other equities analysts have also recently issued research reports about the stock. Weiss Ratings reissued a "sell (d-)" rating on shares of Amarin in a research report on Friday, July 17th. Zacks Research downgraded Amarin from a "strong-buy" rating to a "hold" rating in a research report on Monday. Finally, Wall Street Zen lowered Amarin from a "buy" rating to a "hold" rating in a report on Saturday, July 25th. One analyst has rated the stock with a Hold rating and two have issued a Sell rating to the company. Based on data from MarketBeat.com, Amarin currently has a consensus rating of "Sell" and an average target price of $13.00.

Amarin Stock Performance

Amarin stock traded up $0.07 during mid-day trading on Friday, reaching $14.13. The stock had a trading volume of 1,649 shares, compared to its average volume of 75,393. Amarin has a fifty-two week low of $12.96 and a fifty-two week high of $20.90. The stock's 50-day simple moving average is $14.81 and its 200-day simple moving average is $14.73. The firm has a market capitalization of $298.47 million, a PE ratio of -14.27 and a beta of 0.81.

Institutional Trading of Amarin

A number of hedge funds and other institutional investors have recently made changes to their positions in AMRN. GAMMA Investing LLC boosted its stake in Amarin by 197.4% in the 2nd quarter. GAMMA Investing LLC now owns 1,576 shares of the biopharmaceutical company's stock worth $25,000 after purchasing an additional 1,046 shares during the period. Banque Cantonale Vaudoise purchased a new stake in shares of Amarin in the third quarter worth about $32,000. Brooklands Fund Management Ltd purchased a new stake in shares of Amarin in the fourth quarter worth about $42,000. Headlands Technologies LLC bought a new position in shares of Amarin in the second quarter valued at approximately $44,000. Finally, Northwestern Mutual Wealth Management Co. grew its stake in Amarin by 1,816.7% during the third quarter. Northwestern Mutual Wealth Management Co. now owns 5,750 shares of the biopharmaceutical company's stock valued at $94,000 after acquiring an additional 5,450 shares in the last quarter. 22.25% of the stock is currently owned by institutional investors.

About Amarin

Amarin Corporation plc is a biopharmaceutical company focused on the commercialization and development of therapeutics for cardiovascular health. Founded in 1993 and headquartered in Dublin, Ireland, the company is publicly traded on the NASDAQ under the ticker AMRN. Amarin's primary mission is to improve cardiovascular outcomes through innovative lipid science and evidence-based therapies.

The company's flagship product is Vascepa® (icosapent ethyl), a high-purity prescription omega-3 fatty acid approved for the treatment of severe hypertriglyceridemia and as an adjunct to statin therapy to reduce the risk of cardiovascular events.

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