Amarin Corporation PLC (NASDAQ:AMRN) Cut to “Hold” at Zacks Investment Research

Zacks Investment Research lowered shares of Amarin Corporation PLC (NASDAQ:AMRN) from a buy rating to a hold rating in a research report released on Monday, August 7th.

According to Zacks, “Amarin Corporation plc is a global pharmaceutical group which develops innovative pharmaceutical products across a range of therapeutic areas utilizing its proprietary advanced oral and transdermal drug delivery technologies. “

Several other research analysts have also recently issued reports on AMRN. HC Wainwright reiterated a buy rating and issued a $10.00 price objective on shares of Amarin Corporation PLC in a report on Thursday, June 1st. Jefferies Group LLC reiterated a buy rating and issued a $5.00 price objective on shares of Amarin Corporation PLC in a report on Monday, June 12th. Cantor Fitzgerald set a $5.00 price objective on shares of Amarin Corporation PLC and gave the company a buy rating in a report on Monday, June 12th. Finally, BidaskClub upgraded shares of Amarin Corporation PLC from a hold rating to a buy rating in a report on Friday, June 30th. Two equities research analysts have rated the stock with a sell rating, one has given a hold rating and four have issued a buy rating to the stock. The company currently has an average rating of Hold and a consensus price target of $7.35.

Shares of Amarin Corporation PLC (NASDAQ AMRN) remained flat at $3.04 during midday trading on Monday. 1,588,346 shares of the company were exchanged. Amarin Corporation PLC has a 12-month low of $2.56 and a 12-month high of $4.47. The firm’s 50-day moving average is $3.80 and its 200 day moving average is $3.32. The stock’s market capitalization is $823.21 million.

Amarin Corporation PLC (NASDAQ:AMRN) last posted its quarterly earnings data on Wednesday, August 2nd. The biopharmaceutical company reported ($0.05) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.06) by $0.01. The company had revenue of $44.95 million during the quarter, compared to the consensus estimate of $40.35 million. The company’s revenue was up 37.0% on a year-over-year basis. During the same quarter last year, the business earned ($0.07) earnings per share. On average, equities research analysts predict that Amarin Corporation PLC will post ($0.21) EPS for the current year.

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In related news, General Counsel Joseph T. Kennedy sold 307,911 shares of the firm’s stock in a transaction that occurred on Monday, July 3rd. The shares were sold at an average price of $4.00, for a total transaction of $1,231,644.00. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Company insiders own 3.72% of the company’s stock.

A number of hedge funds have recently modified their holdings of AMRN. Westside Investment Management Inc. boosted its stake in shares of Amarin Corporation PLC by 1.1% in the second quarter. Westside Investment Management Inc. now owns 27,350 shares of the biopharmaceutical company’s stock worth $114,000 after buying an additional 300 shares during the last quarter. Wells Fargo & Company MN increased its stake in shares of Amarin Corporation PLC by 4.8% in the first quarter. Wells Fargo & Company MN now owns 32,801 shares of the biopharmaceutical company’s stock valued at $105,000 after buying an additional 1,500 shares during the period. Perkins Capital Management Inc. purchased a new stake in shares of Amarin Corporation PLC during the first quarter valued at approximately $110,000. JPMorgan Chase & Co. increased its stake in shares of Amarin Corporation PLC by 27.1% in the first quarter. JPMorgan Chase & Co. now owns 35,590 shares of the biopharmaceutical company’s stock valued at $114,000 after buying an additional 7,580 shares during the period. Finally, Private Advisor Group LLC increased its stake in shares of Amarin Corporation PLC by 2.1% in the first quarter. Private Advisor Group LLC now owns 50,170 shares of the biopharmaceutical company’s stock valued at $157,000 after buying an additional 1,032 shares during the period. Hedge funds and other institutional investors own 37.60% of the company’s stock.

About Amarin Corporation PLC

Amarin Corporation plc is a biopharmaceutical company with operations in lipid science focused on the commercialization and development of therapeutics for cardiovascular health. The Company operates through the development and commercialization of Vascepa segment. The Company’s lead product, Vascepa (icosapent ethyl) capsule, is approved by the United States Food and Drug Administration (FDA) for use as an adjunct to diet to reduce triglyceride levels in adult patients with severe hypertriglyceridemia.

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