Amarin (NASDAQ:AMRN) Upgraded to Hold at StockNews.com

Amarin (NASDAQ:AMRN) was upgraded by StockNews.com from a “sell” rating to a “hold” rating in a research report issued on Thursday.

Amarin Stock Performance

Shares of Amarin stock opened at $0.46 on Thursday. Amarin has a 1 year low of $0.45 and a 1 year high of $1.37. The company’s fifty day simple moving average is $0.55 and its 200-day simple moving average is $0.64. The company has a market cap of $186.98 million, a price-to-earnings ratio of -5.06 and a beta of 1.83.

Amarin (NASDAQ:AMRN) last posted its quarterly earnings results on Wednesday, October 30th. The biopharmaceutical company reported ($0.06) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.04) by ($0.02). The company had revenue of $42.30 million during the quarter, compared to analyst estimates of $43.82 million. Amarin had a negative return on equity of 7.22% and a negative net margin of 16.33%. During the same quarter in the prior year, the business earned ($0.05) earnings per share. As a group, research analysts forecast that Amarin will post -0.14 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Amarin

Several institutional investors and hedge funds have recently added to or reduced their stakes in AMRN. Algert Global LLC acquired a new stake in shares of Amarin during the 2nd quarter worth approximately $34,000. China Universal Asset Management Co. Ltd. raised its stake in shares of Amarin by 63.9% in the third quarter. China Universal Asset Management Co. Ltd. now owns 76,959 shares of the biopharmaceutical company’s stock valued at $48,000 after purchasing an additional 29,992 shares in the last quarter. Kornitzer Capital Management Inc. KS lifted its position in Amarin by 80.7% in the third quarter. Kornitzer Capital Management Inc. KS now owns 95,600 shares of the biopharmaceutical company’s stock worth $60,000 after purchasing an additional 42,700 shares during the period. Waterfront Wealth Inc. boosted its stake in Amarin by 63.7% during the second quarter. Waterfront Wealth Inc. now owns 860,613 shares of the biopharmaceutical company’s stock worth $592,000 after buying an additional 334,969 shares in the last quarter. Finally, BNP Paribas Financial Markets boosted its stake in Amarin by 8.8% during the third quarter. BNP Paribas Financial Markets now owns 1,301,468 shares of the biopharmaceutical company’s stock worth $816,000 after buying an additional 104,939 shares in the last quarter. 22.25% of the stock is currently owned by institutional investors.

About Amarin

Amarin Corporation plc, a pharmaceutical company, engages in the development and commercialization of therapeutics for the treatment of cardiovascular diseases in the United States, European countries, Canada, Lebanon, and the United Arab Emirates. The company offers 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.