Amarin Corporation plc (ADR) AMRN shares are trading higher by $0.07 (3.7 percent) at $2.13 in Monday's session. However, the real story in the issue is the mysterious spike in Friday's after-hours session.
It could simply have been follow through from Friday's session, in which it finally cleared the horde of sellers that had been keeping a lid on the issue at the $2 area since mid-October. Friday's close of $2.04 (one penny off its high) marked the first time it closed above $2 since October 9, when it ended the session at $2.08.
With no news on the wire, the issue spiked nearly 22 percent to $2.45 (on 8,000 shares) just before the conclusion of the after-hours session at 8:00 p.m. ET.
Well, the news came out just after 8:00 a.m. on Monday. The company commented on new data from a CHERRY study focusing on VascepA capsules, the highly-purified EPA drug therapy that may reduce residual risk in coronary heart disease patients already.
The reaction in Monday's session has been muted. After a flat open, it rallied to $2.19 before falling back to its current level. The rally is taking place on higher than average volume. So far, 1.5 million shares have traded compared to its 20-day average of 1.1 million, with less than four hours remaining in the session.
Joel Elconin is the co-host of Benzinga's #PreMarket Prep, a daily trading idea radio show.
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