UPDATE: Citi Initiates Coverage on Amarin
According to a research report published this morning, Citi has initiated Amarin (NASDAQ: AMRN) with a Buy rating and $20 PT.
In the report, Citi said, "Our model assumes AMR101 is the market leading triglyceride (TG)-lowering drug if AMRN secures a broad label from the FDA & prices at a premium to Lovaza's WAC of ~$5.87/day. We assume AMR101's profile is superior to GSK's Lovaza & ABT's Tricor/Trilipix, which are annualizing at ~$1B & ~$1.4B, respectively. AMRN's positive Ph-III MARINE (severe TG) & ANCHOR (high TG) results minimize regulatory risk. A positive REDUCE-IT outcomes study (Nov.'16 completion) would expand the market to ~1/3 of the US adult population. FDA action on MARINE is July 26th; with an ANCHOR sNDA filing in 2H12;& launch in 1Q13."
Amarin closed Friday at $12.01.
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