Amarin (NASDAQ:AMRN) Shares Gap Down on Disappointing Earnings

Shares of Amarin Co. plc (NASDAQ:AMRNGet Rating) gapped down before the market opened on Wednesday following a dissappointing earnings announcement. The stock had previously closed at $1.33, but opened at $1.26. Amarin shares last traded at $1.35, with a volume of 8,671 shares changing hands.

The biopharmaceutical company reported ($0.11) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.06) by ($0.05). The firm had revenue of $94.44 million for the quarter, compared to analysts’ expectations of $88.21 million. Amarin had a negative return on equity of 1.31% and a negative net margin of 4.15%. Amarin’s revenue was down 38.9% compared to the same quarter last year. During the same period in the prior year, the firm earned $0.02 earnings per share.

Wall Street Analyst Weigh In

A number of brokerages recently weighed in on AMRN. SVB Leerink downgraded shares of Amarin from an “outperform” rating to a “market perform” rating and cut their price target for the stock from $10.00 to $3.00 in a report on Thursday, May 5th. The Goldman Sachs Group reduced their price target on shares of Amarin from $1.75 to $1.50 and set a “sell” rating on the stock in a research report on Tuesday, May 24th. Northland Securities lowered Amarin from an “outperform” rating to a “market perform” rating in a research note on Wednesday, May 4th. JPMorgan Chase & Co. lowered Amarin from a “neutral” rating to an “underweight” rating in a research note on Friday, May 6th. Finally, StockNews.com raised Amarin from a “sell” rating to a “hold” rating in a research note on Wednesday, July 27th. Two research analysts have rated the stock with a sell rating, four have assigned a hold rating and one has assigned a buy rating to the stock. According to MarketBeat, Amarin has a consensus rating of “Hold” and a consensus price target of $2.50.

Insider Buying and Selling

In other Amarin news, Director Olsen Per Wold purchased 55,000 shares of the company’s stock in a transaction that occurred on Monday, June 13th. The stock was bought at an average price of $1.69 per share, with a total value of $92,950.00. Following the completion of the purchase, the director now directly owns 149,000 shares of the company’s stock, valued at approximately $251,810. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. 0.90% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Amarin

Several institutional investors and hedge funds have recently modified their holdings of the stock. State of New Jersey Common Pension Fund D purchased a new position in Amarin in the second quarter worth about $170,000. Van ECK Associates Corp lifted its holdings in Amarin by 77.7% in the 2nd quarter. Van ECK Associates Corp now owns 1,034,866 shares of the biopharmaceutical company’s stock worth $1,542,000 after purchasing an additional 452,572 shares in the last quarter. Capital Wealth Alliance LLC bought a new stake in Amarin in the 2nd quarter worth approximately $46,000. Avantax Advisory Services Inc. increased its stake in Amarin by 25.9% in the 2nd quarter. Avantax Advisory Services Inc. now owns 255,368 shares of the biopharmaceutical company’s stock worth $380,000 after acquiring an additional 52,600 shares during the last quarter. Finally, Perkins Capital Management Inc. increased its position in shares of Amarin by 40.0% during the 2nd quarter. Perkins Capital Management Inc. now owns 35,000 shares of the biopharmaceutical company’s stock valued at $52,000 after purchasing an additional 10,000 shares during the last quarter. 35.42% of the stock is currently owned by institutional investors.

Amarin Trading Up 0.8 %

The company has a 50-day moving average price of $1.56 and a two-hundred day moving average price of $2.44. The stock has a market cap of $508.17 million, a P/E ratio of -25.59 and a beta of 1.85.

About Amarin

(Get Rating)

Amarin Corporation plc, a pharmaceutical company, engages in the development and commercialization of therapeutics for the treatment of cardiovascular diseases in the United States, Germany, Canada, Lebanon, and the United Arab Emirates. Its lead product is VASCEPA, a prescription-only omega-3 fatty acid product, used as an adjunct to diet for reducing triglyceride levels in adult patients with severe hypertriglyceridemia.

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