SunTrust Banks Raises Amarin (AMRN) Price Target to $30.00

Amarin (NASDAQ:AMRN) had its price target upped by SunTrust Banks to $30.00 in a research note issued to investors on Monday morning, The Fly reports. SunTrust Banks currently has a reduce rating on the biopharmaceutical company’s stock. SunTrust Banks also issued estimates for Amarin’s Q4 2018 earnings at ($0.08) EPS, FY2018 earnings at ($0.33) EPS, FY2019 earnings at $0.18 EPS, FY2020 earnings at $0.61 EPS, FY2021 earnings at $1.21 EPS and FY2022 earnings at $1.82 EPS.

Several other equities research analysts have also recently commented on AMRN. Zacks Investment Research cut Amarin from a hold rating to a sell rating in a research note on Tuesday, July 24th. BidaskClub raised Amarin from a hold rating to a buy rating in a research note on Friday, October 26th. HC Wainwright reissued a positive rating and issued a $31.00 target price on shares of Amarin in a research note on Friday, November 2nd. Cantor Fitzgerald reissued a buy rating and issued a $35.00 target price on shares of Amarin in a research note on Thursday, November 1st. Finally, ValuEngine cut Amarin from a buy rating to a hold rating in a research note on Saturday, July 28th. One analyst has rated the stock with a sell rating, three have issued a hold rating, three have assigned a buy rating and one has issued a strong buy rating to the company. Amarin presently has an average rating of Buy and a consensus price target of $27.80.

NASDAQ AMRN opened at $21.30 on Monday. The firm has a market capitalization of $6.63 billion, a PE ratio of -85.20 and a beta of 0.70. Amarin has a 52 week low of $2.35 and a 52 week high of $23.33.

Amarin (NASDAQ:AMRN) last released its earnings results on Thursday, November 1st. The biopharmaceutical company reported ($0.08) EPS for the quarter, beating the Thomson Reuters’ consensus estimate of ($0.09) by $0.01. The firm had revenue of $55.00 million during the quarter, compared to analyst estimates of $60.63 million. The firm’s quarterly revenue was up 16.8% on a year-over-year basis. During the same period last year, the business posted ($0.04) earnings per share. Sell-side analysts predict that Amarin will post -0.4 earnings per share for the current fiscal year.

In related news, General Counsel Joseph T. Kennedy sold 23,307 shares of Amarin stock in a transaction on Wednesday, October 31st. The stock was sold at an average price of $20.74, for a total transaction of $483,387.18. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Steven B. Ketchum sold 17,042 shares of Amarin stock in a transaction on Wednesday, October 31st. The stock was sold at an average price of $20.74, for a total value of $353,451.08. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 3,016,149 shares of company stock valued at $34,812,617. 4.08% of the stock is owned by insiders.

Institutional investors have recently made changes to their positions in the stock. Signature Estate & Investment Advisors LLC acquired a new stake in shares of Amarin during the third quarter worth $137,000. BKS Advisors LLC acquired a new stake in shares of Amarin during the third quarter worth $162,000. MML Investors Services LLC grew its stake in shares of Amarin by 66.4% during the third quarter. MML Investors Services LLC now owns 23,336 shares of the biopharmaceutical company’s stock worth $380,000 after purchasing an additional 9,316 shares during the period. Cambridge Investment Research Advisors Inc. grew its stake in shares of Amarin by 165.5% during the third quarter. Cambridge Investment Research Advisors Inc. now owns 31,125 shares of the biopharmaceutical company’s stock worth $506,000 after purchasing an additional 19,400 shares during the period. Finally, Birchview Capital LP acquired a new stake in shares of Amarin during the third quarter worth $651,000. 39.44% of the stock is owned by institutional investors and hedge funds.

Amarin Company Profile

Amarin Corporation plc, a biopharmaceutical company, focuses on the development and commercialization of therapeutics for the treatment of cardiovascular diseases in the United States. The company's lead product is Vascepa, a prescription-only omega-3 fatty acid capsule, used as an adjunct to diet for reducing triglyceride levels in adult patients with severe hypertriglyceridemia.

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