Citigroup Reiterates Buy Rating, $20 PT on Amarin Corporation
In a report published Friday, Citigroup reiterated its Buy rating and $20.00 price target on Amarin Corporation (NASDAQ: AMRN).
Citigroup noted, “We were not surprised by AMRN's initiation of hiring a Vascepa salesforce based on prior management guidance. However, we believe the concurrent establishment of a $100M debt instrument despite ending 3Q with $215M in cash will inject added uncertainty around both next Friday‘s (12/14) expected FDA exclusivity decision for Vascepa getting NCE, and the relative interest level of potential partners. We expect these actions to increase the nearterm speculation and volatility for AMRN shares, however our projections for Vascepa are unchanged as we previously valued AMRN based on a stand-alone scenario.”
Amarin Corporation closed on Thursday at $11.95.
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