UPDATE: Hapoalim Raising Price Target On Amarin Corporation (AMRN)

Hapoalim Securities is raising its price target on shares of Amarin Corporation plc

to $23 from $12, after one of its drugs met Phase 3 expectations. In a note to clients, Hapoalim writes, "AMR101 met all primary and secondary endpoints in the Phase 3 ANCHOR trial, with significant reductions in triglycerides (

) at both 4g and 2g doses. The 4g group also showed a statistically significant decrease in LDL-C. TG levels decreased 21.5% and 10.1% from baseline at 4g and 2g doses, respectively. LDL-C decreased at both doses, with a statistically significant 6.2% decrease in LDL-C with the 4g dose. These results position AMR101 to be both first-in-class and best overall therapy for treating the high triglyceride population. We are increasing our Price Target from $12 to $23. Hapoalim goes on to say, "While the company stated that it is willing and able to take AMR101 through the approval process and onto the market, because of the potential market opportunity for AMR101, we would expect the company to either partner AMR101 or to be acquired. While we think a standard partnership with a significant upfront payment is probable, it is also possible that the company will hold out for a full acquisition. If the company proceeds without a partner, it estimates that the required outcomes trial for AMR101 would contain 7,000 to 9,000 patients and cost $50 to $85 million, spread over five or so years." Shares of AMRN are up $6.77 to $15.54, a gain of over 77% this afternoon.