UPDATE: Oppenheimer Initiates Coverage on Amarin Corporation plc with Perform Rating, $8 PT on Vascepa Potential

In a report published Friday, Oppenheimer analyst Akiva Felt initiated coverage on

with a Perform rating and $8.00 price target. In the report, Oppenheimer noted, “We are initiating coverage of AMRN with a Perform rating and $8 price target. Amarin's lead drug, Vascepa, is a formulation of ultra-pure EPA, one of the omega-3 fatty acids derived from fish oil. Vascepa was launched in January 2013 in the US, where it competes directly with GSK's Lovaza, a prescription omega-3 drug introduced in 2005 that has grown to near blockbuster status. Although we believe Vascepa has the potential to be a competitive drug for the treatment of high triglycerides, we begin coverage on the sidelines for additional visibility into the launch trajectory and more importantly, the potential for Amarin to be acquired in the next 12 months.” Amarin Corporation plc closed on Thursday at $6.47.