Market Overview

UPDATE: Citigroup Initiates Amarin at Buy on Vascepa Overhang Removal

Related AMRN
Week Concludes With S&P 500 Below 2,000; Dow Below 17,000
Dow Falls Over 100 Points; Ulta Salon Shares Jump After Earnings Report

Citigroup initiated coverage on Amarin (NASDAQ: AMRN) with a Buy rating and a $20 price target.

Citigroup commented, "The overhang from the delayed 3 vs. 5 year FDA market exclusivity decision for AMRN's cardiovascular drug, Vascepa, has pressured the company's valuation towards our view of a near “worst case” scenario. We believe the current risk/reward is favorable, viewing Vascepa to have >$1B commercial potential even if AMRN were to “go alone” and further upside if a large pharma partner ultimately became involved. We believe 5 yr exclusivity for Vascepa is on the table, and a strategic transaction is feasible even if not granted. The FDA's delay will likely force AMRN to begin building a sales force and this increases chances of requiring additional capital to do so."

Amarin closed at $11.49 on Monday.

Latest Ratings for AMRN

DateFirmActionFromTo
May 2014CitigroupDowngradesBuyNeutral
Feb 2014Aegis CapitalMaintainsHold
Jan 2014MKM PartnersDowngradesBuyNeutral

View More Analyst Ratings for AMRN
View the Latest Analyst Ratings

Posted-In: CitigroupAnalyst Color Initiation Intraday Update Analyst Ratings

 

Related Articles (AMRN)

Around the Web, We're Loving...

Partner Network

Get Benzinga's Newsletters