Zacks Research Upgrades Amarin (NASDAQ:AMRN) to Strong-Buy

Amarin (NASDAQ:AMRN) was upgraded by equities research analysts at Zacks Research from a “hold” rating to a “strong-buy” rating in a note issued to investors on Tuesday,Zacks.com reports.

Several other research firms have also recently weighed in on AMRN. Wall Street Zen cut shares of Amarin from a “buy” rating to a “hold” rating in a research note on Saturday, February 28th. Weiss Ratings reiterated a “sell (d-)” rating on shares of Amarin in a research note on Monday, April 20th. One analyst has rated the stock with a Strong Buy rating and two have given a Sell rating to the company. According to MarketBeat, the company currently has a consensus rating of “Hold” and an average target price of $12.00.

Amarin Stock Performance

NASDAQ AMRN opened at $15.77 on Tuesday. The firm has a 50-day simple moving average of $14.60 and a 200 day simple moving average of $14.74. Amarin has a twelve month low of $12.30 and a twelve month high of $20.90. The stock has a market cap of $330.70 million, a PE ratio of -24.26 and a beta of 0.82.

Institutional Inflows and Outflows

Several hedge funds have recently added to or reduced their stakes in the business. Renaissance Technologies LLC acquired a new position in Amarin in the first quarter worth about $278,000. Waterfront Wealth Inc. raised its position in Amarin by 42.7% in the first quarter. Waterfront Wealth Inc. now owns 203,338 shares of the biopharmaceutical company’s stock worth $2,940,000 after purchasing an additional 60,798 shares in the last quarter. XTX Topco Ltd acquired a new position in Amarin in the fourth quarter worth about $239,000. Millennium Management LLC raised its position in Amarin by 25.6% in the fourth quarter. Millennium Management LLC now owns 166,235 shares of the biopharmaceutical company’s stock worth $2,320,000 after purchasing an additional 33,844 shares in the last quarter. Finally, Eversept Partners LP raised its position in Amarin by 2.9% in the fourth quarter. Eversept Partners LP now owns 172,188 shares of the biopharmaceutical company’s stock worth $2,403,000 after purchasing an additional 4,912 shares in the last quarter. Institutional investors and hedge funds own 22.25% of the company’s stock.

About Amarin

Amarin Corporation plc is a biopharmaceutical company focused on the commercialization and development of therapeutics for cardiovascular health. Founded in 1993 and headquartered in Dublin, Ireland, the company is publicly traded on the NASDAQ under the ticker AMRN. Amarin’s primary mission is to improve cardiovascular outcomes through innovative lipid science and evidence-based therapies.

The company’s flagship product is Vascepa® (icosapent ethyl), a high-purity prescription omega-3 fatty acid approved for the treatment of severe hypertriglyceridemia and as an adjunct to statin therapy to reduce the risk of cardiovascular events.