UPDATE: Aegis Capital Downgrades Amarin Following Negative Panel Vote on Vascepa

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In a report published Thursday, Aegis Capital Corp. analyst Raghuram Selvaraju downgraded the rating on
Amarin Corporation plc
AMRN
from Buy to Hold, and removed the $30.00 price target. In the report, Aegis Capital Corp. noted, “On Wednesday, October 16, 2013, the FDA held an advisory committee meeting to discuss the approvability of a supplemental NDA (sNDA) for Amarin's lead drug Vascepa in the treatment of mixed dyslipidemia. The panel voted 9-2 against recommending approval of Vascepa in mixed dyslipidemia ahead of the release of data from the REDUCE-IT outcomes trial. Since the REDUCE-IT study is unlikely to report data before late 2016, based on comments during the panel discussion, we now believe that the stock could be range-bound for a significant period of time. In addition, there is now clearly a very high likelihood that the firm will receive a Complete Response Letter (CRL) from the FDA on the sNDA for Vascepa in mixed dyslipidemia. Since the company will in all likelihood need to raise additional capital in order to fund operations through to the release of data from the REDUCEIT study, we are downgrading our rating from Buy to Hold without a price target on Amarin shares.” Amarin Corporation plc closed on Wednesday at $5.17.
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Posted In: Analyst ColorDowngradesAnalyst RatingsAegis Capital Corp.Raghuram Selvaraju
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