UPDATE: Aegis Capital Raises PT on Amarin to $35
Aegis Capital published a report on Amarin Corporation (NASDAQ: AMRN) that maintained its Buy rating and raised its price target from $25 to $35.
In the report, Aegis Capital wrote, "Yesterday, Amarin announced that it had secured committed non-equity financing of $100mm to fund the launch of its lead drug Vascepa (icosapent ethyl) for treatment of hypertriglyceridemia. The firm indicated that it plans to launch the drug in 1Q 2013 and will hire 250-300 sales representatives (each with 3 - 5 years of experience) to commercialize the product. Furthermore, Amarin announced yesterday that it received a positive update on an important patent that would protect Vascepa in the mixed dyslipidemia indication. We are reiterating our Buy rating and raising our price target from $25.00 to $35.00 on Amarin shares."
Aegis Capital closed Thursday at $11.95.
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