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UPDATE: Citigroup Upgrades Amarin on Valuation

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In a report published Friday, Citigroup analyst Jonathan Eckard upgraded the rating on Amarin (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 closed on Thursday at $1.41.

Latest Ratings for AMRN

DateFirmActionFromTo
Feb 2021SVB LeerinkMaintainsOutperform
Sep 2020SVB LeerinkMaintainsOutperform
Aug 2020Piper SandlerInitiates Coverage OnOverweight

View More Analyst Ratings for AMRN
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Posted-In: Citigroup Jonathan EckardAnalyst Color Upgrades Analyst Ratings

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