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Amarin (AMRN) Plunges Again on FDA Announcement

By  +Follow October 30, 2013 9:36AM
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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.


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Results for AMRN
T Abuhasna
23 Nov 14 22:39:49
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Seeking Alpha - All
23 Nov 14 22:13:44
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23 Nov 14 19:16:04
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23 Nov 14 19:15:29
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Daniel Quinones
23 Nov 14 19:00:21
RT @Jake132013: AMRN Year to date has changed -33.50% percent. +24.76% in the last 30 days. $AMRN Amarin Corporation Plc Full http://t.co/…
Cam Rosenow
23 Nov 14 18:27:43
RT @JohnCappello: EPA (Vascepa) with statins may reduce periprocedural MI in PCI http://t.co/tVbbMj8s7f #healio #hearthealth $AMRN
Cam Rosenow
23 Nov 14 18:27:25
RT @JohnCappello: Positive EPA study published in Healio (Cardiology) http://t.co/XZjtT66p7E $AMRN
Bullrunner911
23 Nov 14 17:07:55
$AMRN looks like amrn is basing for the next leg up
chartguy89
23 Nov 14 15:47:49
AMRN 1.31 Amarin Corporation Plc Stock Charts $AMRN Last Updated: 11/21/14 Last price: 1.31 Total volume: 2,93 http://t.co/n2hpVPmgCp
Jake13
23 Nov 14 15:42:39
AMRN Year to date has changed -33.50% percent. +24.76% in the last 30 days. $AMRN Amarin Corporation Plc Full http://t.co/sBFcYnnFiM
Ric Mata
23 Nov 14 15:32:28
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Paul R Zawierka
23 Nov 14 14:44:23
RT @EDimiseGD: Whoa. Omega-3s (EPA specifically) + a statin may reduce MI during PCI. There's a feather in your cap, Vascepa. $AMRN http://…
Stockaholics
23 Nov 14 13:53:29
578% Gains On Penny Stocks in one month! Plus a New Pick Is Coming: http://t.co/2W3yKD2d5Q $PHMB $FNRC $AMRN
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23 Nov 14 07:25:54
RT @katsu127: $AMRN b/o watch
JohnCappello
23 Nov 14 05:00:12
EPA (Vascepa) with statins may reduce periprocedural MI in PCI http://t.co/tVbbMj8s7f #healio #hearthealth $AMRN
NathanAaron
23 Nov 14 04:07:06
Interesting trend on $amrn gross margins. Went from guiding on calls from 80's to 70 to pulling guidance over the last yr.
Katsu
23 Nov 14 01:47:43
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Katsu
23 Nov 14 01:32:11
$AMRN b/o watch
Trader News Daily
22 Nov 14 22:46:51
Wow http://t.co/PeRPkZkWiw just posted last weeks results. +429%. Crazy. They offer a free trial too. $FCEL $SPF $AXAS $AMRN $RGIN
PHARMD
22 Nov 14 17:39:37
$achn $cnat $icpt $cldx $arwr $gild $amrn some potential long term buys for 2015
Stockaholics
22 Nov 14 11:33:15
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Bullrunner911
22 Nov 14 07:56:03
$AMRN The problem is we don't have EPA studies and I confronted the company about this. They need to partner and run EPA for various diseas
Bullrunner911
22 Nov 14 07:54:57
$AMRN The big boys are loading and they will take this higher when they are ready. Big block bids all week!!!
FonsieTrader
22 Nov 14 07:04:56
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Ric Mata
22 Nov 14 04:15:40
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JohnCappello
22 Nov 14 02:57:31
Positive EPA study published in Healio (Cardiology) http://t.co/XZjtT66p7E $AMRN
Stockaholics
21 Nov 14 19:02:09
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Jake13
21 Nov 14 18:59:49
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Jake13
21 Nov 14 18:59:26
$AMRN AMRN Stock year to date has changed -33.50% percent. +24.76% in the last 30 days. $AMRN Amarin Corporation Plc http://t.co/py66oe92tS
chartguy89
21 Nov 14 18:53:43
AMRN 1.31 Amarin Corporation Plc Stock Charts $AMRN Last Updated: 11/21/14 Last price: 1.31 Total volume: 2,93 http://t.co/JwccWg6b8o
chartguy89
21 Nov 14 18:53:27
$AMRN AMRN 1.31 Amarin Corporation Plc Stock Charts $AMRN Last Updated: 11/21/14 Last price: 1.31 Total volume: 2,93 http://t.co/OBNowN03GN
Mark C. Queener
21 Nov 14 16:54:39
$AMRN -Patience- very few have
Amel
21 Nov 14 16:10:41
Last 4 weeks of Vascepa $AMRN 11/14 - 9607 TRx 4233 NRx 11/07 - 9880 TRx 4341 NRx 10/31 - 9563 TRx 4234 NRx 10/24 - 9492 TRx 4186 NRx
DSquaredx3
21 Nov 14 14:58:20
RT @EDimiseGD: Whoa. Omega-3s (EPA specifically) + a statin may reduce MI during PCI. There's a feather in your cap, Vascepa. $AMRN http://…
Todd King
21 Nov 14 14:45:52
RT @EDimiseGD: Whoa. Omega-3s (EPA specifically) + a statin may reduce MI during PCI. There's a feather in your cap, Vascepa. $AMRN http://…
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21 Nov 14 14:44:31
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Eric J. Dimise, PhD
21 Nov 14 14:34:25
Whoa. Omega-3s (EPA specifically) + a statin may reduce MI during PCI. There's a feather in your cap, Vascepa. $AMRN http://t.co/QbY8U7pfBi
William Lefever
21 Nov 14 13:50:17
@paulwoll bout time! $AMRN
Jennifer smith
21 Nov 14 13:04:26
shocked $nete didn't hit 2.50 I'm still long and in the black enjoyed $CLF $VALE $CTRL $Amrn all big movers today
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21 Nov 14 13:02:30
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Media Sentiment
21 Nov 14 12:59:53
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Woll Street
21 Nov 14 12:59:24
$AMRN great volume pattern bull flag breakout setup https://t.co/KiSbIno997
kontiki04
21 Nov 14 11:46:11
$AMRN can fly to 2$ and more in the next few days
Todd King
21 Nov 14 11:20:41
RT @green_day4me: Epanova = no show. Lovaza = "lame duck" as $GSK tries to dump it from their portfolio. Generics sell LDL increasing drug.…
Jennifer smith
21 Nov 14 10:48:29
just doubled my stake $nete at 1.75 taking my profit from yesterday go $CLF $VALE $CTRL $AMRN nice run to the weekend
Momz Day Trading
21 Nov 14 10:20:22
@kontiki04 $AMRN .78- 1.33 that's an awesome move!
Clayton Gilman
21 Nov 14 09:45:10
$AMRN stopped out 1.35 +1
				
				
By  +Follow October 30, 2013 9:36AM
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