Amarin’s share price movements
Amarin (AMRN) is a clinical-stage biopharmaceutical company focused on developing novel therapies targeting unmet demand in the cardiovascular space. The company has witnessed a dramatic rise in its share prices from $2.99 on September 21 to $13.45 on September 26 mainly due to the positive top-line results from the REDUCE-IT cardiovascular outcomes study announced on September 24.
According to Amarin’s press release, the outcomes study evaluated the potential of VASCEPA in reducing the risk of cardiovascular events in patients with LDL-C levels controlled by statin therapy. The patients were already suffering from established cardiovascular diseases, diabetes, and/or other cardiovascular risk factors.
According to Amarin’s press release, VASCEPA is already approved by the FDA as an adjunctive treatment for reducing triglycerides in patients with triglyceride levels equal to or in excess of 500mg/dL. Data from the REDUCE-IT trial are expected to play a pivotal role in expanding the drug’s label to reach a much larger addressable market. Read Why Is Amarin’s Stock Price Soaring? to learn more.
On September 27, analysts’ 12-month consensus recommendation for Amarin was a “buy.” The company’s 12-month consensus target price is $16.4, which is 21.48% higher than the last closing price on September 26. The highest target price estimate for the company is $20, while the lowest target price estimate is $15.
All five analysts covering Amarin are bullish on the stock. Two analysts rated the company as a “strong buy,” while three analysts rated it as a “buy.”
Amarin closed at $13.45 on September 26, which was 494.00% higher compared to the company’s 52-week low of $2.35 and 4.65% lower than the company’s 52-week high of $14.64.
Next, we’ll discuss Amarin’s revenue growth trends.