UPDATE: Citigroup Upgrades Amarin Corporation plc to Buy, Reiterates $2.50 PT on Valuation

In a report published Friday, Citigroup analyst Jonathan Eckard upgraded the rating on Amarin Corporation plc (NASDAQ: AMRN) from Neutral to Buy, and reiterated the $2.50 price target.In the report, Citigroup noted, “We are upgrading AMRN to Buy on valuation, maintaining our TP of $2.50. While we still see a bumpy road ahead for AMRN over the next ~6 months, we believe the current valuation doesn't properly reflect the potential opportunity for Vascepa's FDA approved MARINE indication. We concur with the logic of AMRN's position on the FDA appeal around ANCHOR; however, we see a significant uphill battle to gain approval from the FDA in this setting. While we do see potential near-term upside if costs can be reduced further (ultimate termination of the REDUCE-IT outcomes trial), we expect our TP is more back-end loaded in our 12-month valuation window when we will have further clarity on OPEX requirements and as the MARINE launch matures.”Amarin Corporation plc closed on Thursday at $1.41.