Aegis Capital Reiterates Buy on Amarin Corporation Following Release of Vascepa Briefing Documents
In a report published Monday, Aegis Capital analyst Raghuram Selvaraju reiterated a Buy rating and $30.00 price target on Amarin Corporation plc (NASDAQ: AMRN).
In the report, Aegis Capital noted, “On Friday, October 11, 2013, the FDA released briefing documents for the upcoming advisory committee meeting to consider Amarin's lead drug Vascepa (icosapent ethyl) for the treatment of mixed dyslipidemia. Investors elected to drive Amarin shares to a new 52-week low on sentiment that comments made in the briefing package by FDA staffers were indicative of a negative outcome for the panel vote, which is slated to occur on Wednesday, October 16. In our view, the briefing documents were not anywhere near as negative as initial commentary would have investors believe. Furthermore, we remain confident that the panel vote is likely to ratify our view that Vascepa is a safe and effective drug for the treatment of mixed dyslipidemia, and that new and efficacious approaches for the achievement of triglyceride-lowering in patients with mixed dyslipidemia are sorely needed. In anticipation of a positive panel vote on Wednesday of this week and subsequent approval of Vascepa™ for mixed dyslipidemia in December 2013, we reiterate our Buy rating and 12-month price target of $30.00 on Amarin shares.”
Amarin Corporation plc closed on Friday at $5.09.
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