logo
Sign in or Register

Already a member?

Sign in

Or sign in with your account on:

Not a member yet?

Register
    

 


Amarin (AMRN) Plunges Again on FDA Announcement

By  +Follow October 30, 2013 9:36AM
Share:
Tickers Mentioned:

Amarin Pharmaceuticals (AMRN) took another hit Wednesday during a year that’s been a rough one for the company as a whole. Amarin was off over 14 percent in trading on Wednesday after the FDA told the company on Tuesday that its triglyceride-reducing drug, Vascepa, didn’t show strong enough results to merit approval.

Vascepa Fails to Show Results

The FDA contacted Amarin after market-close on Tuesday to report that Vascepa failed to reduce triglycerides enough to be marketed to patients for reducing the risk of cardiovascular disease. Vascepa is a prescription-strength supplement that uses Omega-3 fatty acids from fish oils. The drug was approved in 2012 for use in some patients with unusually high triglyceride levels, but the FDA reversed that ruling on Tuesday, sending shares lower.

This comes just two weeks after an FDA panel voted against approval of Vascepa and called for a lengthy and expensive study on the drug’s ability to prevent cardiovascular events like heart attacks, a decision that came as a surprise for many. The decision prompted Amarin to cut staff and prompted a nearly 60 percent decline in the company’s stock.

A Tough Year for Amarin

Today’s hit is a bad one. But in a year that’s seen shares plunge over 85 percent since Halloween in 2012, it’s probably not going to register for any long-time Amarin stockholders. The company has few options other than to continue running losses while engaging in the lengthy Vascepa study without a clear sense that there’s a light at the end of the tunnel.

With the layoffs last week, Amarin’s situation appears bleak, though not entirely unmanageable. Amarin believes that it has the cash on hand to make it through the next few years without raising additional capital.

“As of September 30, 2013, Amarin had cash, cash equivalents of approximately $226 million,” the company announced last Tuesday. “Amarin anticipates approximately $3 million in restructuring expense in association with this reduction in staffing. The company currently expects its cash burn for 2014 to be less than $80 million. The company has no plans for raising additional capital at this time. Amarin intends to continue its evaluation of priorities, opportunities and savings opportunities, including clinical trial costs. The company plans to provide additional details of its future spending and operational expectations in connection with its upcoming quarterly report.”

DISCLOSURE: The views and opinions expressed in this article are those of the authors, and do not represent the views of equities.com. Readers should not consider statements made by the author as formal recommendations and should consult their financial advisor before making any investment decisions. To read our full disclosure, please go to: http://www.equities.com/disclaimer


Signup for our daily newsletter and get our best articles emailed right to you!

Results for AMRN
$XOM
1 Apr 15 20:07:19
$USO News Updated Wednesday, April 1, 2015 10:07:16 PM $CNET $XOM $AMRN $ZA http://t.co/e8CDeLihn7 … … http://t.co/DDu364Hu4w
Corey Wilson
1 Apr 15 20:02:23
@VendbienJon I know I saw your tweets on it. I was saying sell $AMRN for the time being and jump back in it when it shows life
vivarod
1 Apr 15 20:00:32
RT @TheVillageSpy: $AMRN Almost ready for a new move higher http://t.co/jEnlRs9zdM
$XOM
1 Apr 15 19:53:42
$USO News Updated Wednesday, April 1, 2015 10:07:16 PM $CNET $XOM $AMRN $ZA http://t.co/e8CDeLihn7 … http://t.co/DDu364Hu4w
$XOM
1 Apr 15 19:40:59
$USO News Updated Wednesday, April 1, 2015 10:07:16 PM $CNET $XOM $AMRN $ZA http://t.co/e8CDeLihn7 http://t.co/DDu364Hu4w
Rosner Stocks
1 Apr 15 19:40:13
$AMRN Reviews Updated Wednesday, April 1, 2015 9:59:25 PM $CELG $FXI $EWZ $ADXS http://t.co/xjPKDAN8J5
PolgarStocks
1 Apr 15 19:40:12
$USO News Updated Wednesday, April 1, 2015 10:07:16 PM $CNET $XOM $AMRN $ZA http://t.co/jvfTuSKNge
Rosner Stocks
1 Apr 15 19:40:12
$XLE Stock Message Board Updated Wednesday, April 1, 2015 9:59:25 PM $AMRN $FXI $RIGH $GG http://t.co/k7NwefsBNo
Trader News Daily
1 Apr 15 19:01:41
Wow http://t.co/PeRPkYu8Uk just posted last weeks results. +429%. Crazy. They offer a free trial too. $FCEL $SPF $AXAS $AMRN $RGIN
Corey Wilson
1 Apr 15 18:48:39
@VendbienJon get back into $GENE OR $LEI chart for now. If big if $AMRN ever moves there is plenty of time to get in. If south, death drop
Corey Wilson
1 Apr 15 18:45:28
RT @jimomal77: @BIGMONEYMIKE6 IHUB is a joke - biobillionaire and his buds trying to pump $AMRN. They must have lost a ton of $ they are s…
Elias S
1 Apr 15 18:07:45
RT @TheVillageSpy: $AMRN Almost ready for a new move higher http://t.co/jEnlRs9zdM
Lusitanian Traders
1 Apr 15 17:57:30
AMRN - Pivots (support and resistance - intraday) $AMRN http://t.co/oqY2x5ZG0v
Eli Pritsker
1 Apr 15 17:48:46
RT @TheVillageSpy: $AMRN Almost ready for a new move higher http://t.co/jEnlRs9zdM
Dan
1 Apr 15 17:45:18
RT @TheVillageSpy: $AMRN Almost ready for a new move higher http://t.co/jEnlRs9zdM
Taylor
1 Apr 15 17:36:33
RT @TheVillageSpy: $AMRN Almost ready for a new move higher http://t.co/jEnlRs9zdM
Ivan Bunin
1 Apr 15 17:32:27
$AMRN Almost ready for a new move higher http://t.co/jEnlRs9zdM
Ponty
1 Apr 15 17:08:02
@BelaalAli FDA is not very kind/nitpicky/even backdoor bribing, on non-unmet needs, esp devices ( $ACRX, $MNKD) but also $AMRN, $DVAX etc
Rosner Stocks
1 Apr 15 16:38:06
$AMRN Stock Forum Updated Wednesday, April 1, 2015 6:59:24 PM $XIV $WYNN $DRYS $SLV http://t.co/SMdtFSAiLJ
IH News Desk
1 Apr 15 16:33:10
$AMRN Company Info Updated Wednesday, April 1, 2015 7:11:10 PM $HD $XLB $CNET $UPRO http://t.co/DN3Uz2r3iY
Blake Kaplan
1 Apr 15 15:38:51
I profited on $AMRN with the help of @StocksThatDoubl. See track record here: http://t.co/LzYji7Mt1U
Stock Rocket
1 Apr 15 15:25:46
Platinum Members Saw Penny Stock Picks Gain Over 1400% In 4 Months! Go Platinum: http://t.co/PsSamxBW6M $PHMB $FNRC $AMRN
J. Bob O'Malley
1 Apr 15 14:38:42
@BIGMONEYMIKE6 IHUB is a joke - biobillionaire and his buds trying to pump $AMRN. They must have lost a ton of $ they are soooo bitter.
Penny Stockington
1 Apr 15 14:38:29
Our Penny Stock Pick On $THCZ Is Up Over 708% So Far! Big News: http://t.co/39U9QOlPqm $PHMB $FNRC $AMRN
Stockaholics
1 Apr 15 13:58:34
Our Penny Stock Alerts Gained Over 1400% In Just Over 4 Months! Subscribe today: http://t.co/w9IKB0aLmu $PHMB $FNRC $AMRN
UPstockstrading
1 Apr 15 13:46:45
RT @upstocks13: UPstocks latest newsletter $AMRN $CYBR $ADXS $CRMD $CNDO $CAPN $LBIO $GBSN http://t.co/F9WZeTabMb
Aziz Saba
1 Apr 15 13:37:35
UPstocks latest newsletter $AMRN $CYBR $ADXS $CRMD $CNDO $CAPN $LBIO $GBSN http://t.co/F9WZeTabMb
Zenhunter
1 Apr 15 13:01:17
Added back a bit more $AMRN. Now holding 30% of what I sold today.
Zenhunter
1 Apr 15 12:58:39
Bought back 1/5th of $AMRN I sold today.
StockenheimerSchmidt
1 Apr 15 12:48:45
$PPCH Gained As Much As 1005% Within 3 Days! Market News: http://t.co/oGWehWIJji $PHMB $FNRC $AMRN
Jennifer smith
1 Apr 15 12:33:55
and the usual selloff at the EOD with $amrn so predictable
Ophir Gottlieb
1 Apr 15 12:15:19
$AMRN Operating Margin is Increasing. Chart: http://t.co/S1ODx3vG8R
Jon Vince
1 Apr 15 11:46:39
RT"@MilSpecTrader: $AMRN so coiled on the 2.38-2.39, could go either way. Seems like a big moment." - If can break 2.47, in business
TC
1 Apr 15 11:25:30
$AMRN is coiled so tightly on the 2.38-2.39, could go either way. Seems like a big moment.
Chris Z
1 Apr 15 11:20:17
@TheRossEverett not always. I mean $AMRN is still at $2.39. Also tho just cause I tweet it doesn't mean I'm buying it. Just ideas.
trader j
1 Apr 15 11:14:12
RT @JohnCappello: EPA protects endothelial cells against H2O2-induced oxidative stress activating Nrf2 & inducting HO1 expression $AMRN htt…
JohnC
1 Apr 15 11:11:04
@JohnCappello $AMRN gets NCE, and as Sipes asked, 5yrs from judge's ruling date. IMO
JohnCappello
1 Apr 15 11:08:38
EPA protects endothelial cells against H2O2-induced oxidative stress activating Nrf2 & inducting HO1 expression $AMRN http://t.co/iroIYwJxdQ
Jennifer smith
1 Apr 15 11:04:12
$amrn HOD the struggle continues
Chris Z
1 Apr 15 11:03:21
$AMRN nice swing look here $2.39
JohnCappello
1 Apr 15 10:47:13
China needs $AMRN? Changhua Public Health Bureau said 80% of fish oil supplements it tested had far less EPA than packages stated
JohnCappello
1 Apr 15 10:39:05
Poll : Does $AMRN get awarded NCE? (up or down vote)
stockschamp
1 Apr 15 10:36:10
The Most Accurate Stock Alert Service Made $240,000 Yesterday http://t.co/8WvnrVmkBS .. $PHMB $FNRC $AMRN
STOCK HunTeR
1 Apr 15 09:33:17
RT @Trendslayer: VOIS pre order the BCI http://t.co/BYVLxeDGUl $AMRN $PVSP $SWET $ENIP $KNDI $PAL $DSCR $FRZT $SMVR $RCHA $BETS $BABL $INCC…
RichardChirpin
1 Apr 15 07:53:58
VOIS pre order the BCI http://t.co/BYVLxeDGUl $AMRN $PVSP $SWET $ENIP $KNDI $PAL $DSCR $FRZT $SMVR $RCHA $BETS $BABL $INCC $SNET $SAMP $MSFT
RichardChirpin
1 Apr 15 07:53:04
$VOIS pre order the BCI http://t.co/BYVLxeDGUl $AMRN $PVSP $SWET $ENIP $KNDI $PAL $DSCR $SMVR $RCHA $BETS $BABL $INCC $SNET $SAMP $MDCN
jeff
1 Apr 15 07:43:03
$amrn great entry point for more shares
Penny Stock Secret
1 Apr 15 07:24:08
Premium Alerts Ranked #1 For Gains 2834% Last Week http://t.co/NovWYe2RAx .. $AMRN $GNBC $QCRH
kwok wong
1 Apr 15 07:16:09
@markflowchatter Suntrust still expect 2015 sales to "slightly above the consensus outlook". Allso reiterated their $6 price target $AMRN
Zenhunter
1 Apr 15 06:59:02
Sold all $AMRN and $CERS to raise cash due to an unhealthy DOW morning sickness. Better safe than sorry is my motto under bad weather.
				
				
By  +Follow October 30, 2013 9:36AM
Share:

Comments

 

blog comments powered by Disqus

About us

Equities.com is the most advanced interactive online social ecosystem for the financial industry, serving as a resource center and next-generation communication platform that connects self-directed investors with public issuers, market experts, and professional service providers and vendors. Registered members can leverage our exclusive proprietary research tools such as the Small-Cap Stars, which outperformed 90% of all small-cap mutual funds, and robust do-it-yourself E.V.A. research reports. The Equities.com Issuer Dashboard is the ideal tool to communicate and manage investor awareness campaigns to the investment community, as well as to access valuable resources to help your company grow.

Market Data powered by QuoteMedia.
Copyright © QuoteMedia. Data delayed 15 minutes unless otherwise indicated. Terms of Use.