UPDATE: Wedbush Securities Downgrades Amarin Corporation to Neutral, Lowers PT
In a report published Wednesday, Wedbush Securities downgraded its rating on Amarin Corporation (NASDAQ: AMRN) from Outperform to Neutral, and lowered its price target from $22.00 to $15.00.
Wedbush Securities noted, “Downgrading to NEUTRAL from OUTPERFORM on updated risk/reward outlook and lowering fair value to $15 from $22. While we think a buyout of Amarin may still occur, we believe a potential deal price in the $15-20 range is becoming more realistic and is insufficient to outweigh the downside risk of Amarin's launching Vascepa alone, which grows incrementally larger with each passing week. We note that AMRN has risen 464% since July 2010 (vs. a 35% rise in the S&P500 index) and we are stepping to the sidelines to avoid riding shares back to the single-digits in the event that Amarin fails to land a buyer in the near-term.”
Amarin Corporation closed on Tuesday at $12.35.
(c) 2013 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Tags: Wedbush Securities