Amarin (AMRN) Received its Third Buy in a Row

After Jefferies and SunTrust Robinson gave Amarin (NASDAQ: AMRN) a Buy rating last month, the company received another Buy, this time from Cantor Fitzgerald. Analyst Louise Chen maintained a Buy rating on Amarin today and set a price target of $35. The company’s shares closed yesterday at $18.35.

Chen observed:

“We think the peak sales potential of Vascepa is underappreciated. Therefore, upward earnings revisions to levels not reflected in FactSet consensus expectations should drive AMRN shares higher. Valuation Summary We continue to use a blend of DCF and multiples (EV/EBITDA) analysis to get to our 12-month price target of $35.”

According to TipRanks.com, Chen is a 4-star analyst with an average return of 6.1% and a 34.6% success rate. Chen covers the Healthcare sector, focusing on stocks such as Bausch Health Companies Inc, Amneal Pharmaceuticals Inc, and Aridis Pharmaceuticals Inc.

Currently, the analyst consensus on Amarin is a Strong Buy with an average price target of $30.20, representing a 64.6% upside. In a report issued on January 7, SunTrust Robinson also maintained a Buy rating on the stock with a $15 price target.

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Based on Amarin’s latest earnings release for the quarter ending September 30, the company reported a quarterly GAAP net loss of $24.51 million. In comparison, last year the company had a GAAP net loss of $22.77 million.

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Amarin Corp. Plc is a biopharmaceutical company, which focuses on the commercialization and development of therapeutics for cardiovascular health. It’s product development program leverages its experience in lipid science and the potential therapeutic benefits of polyunsaturated fatty acids. It has developed and markets Vascepa capsules through wholesale.

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