Amarin Popped Amid Press Release In Friday's After-Hours Session
Amarin Corporation plc (ADR) (NASDAQ: AMRN) shares are trading higher by $0.07 (3.7 percent) at $2.13 in Monday's session. The issue spiked in Friday's after-hours session, following the release of the American Heart Association's CHERRY abstract summaries.
In Friday's session, 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.
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.
On Monday morning, Amarin commented on the 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.
Editor's note: A previous version of this story did not mention that the abstracts were released on Friday afternoon.
Joel Elconin is the co-host of Benzinga's #PreMarket Prep, a daily trading idea radio show.
Do you like this article? Do you have suggestions for improvement? Please email firstname.lastname@example.org
© 2017 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.