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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
Eli Pritsker
28 Aug 14 18:34:42
RT @BioBounce: A simple tpullback trading plan for $AMRN, more trades like this found at http://t.co/t6Sp7JGWQt. http://t.co/whpdPH29vF
Ethan28
28 Aug 14 18:09:52
RT @BioBounce: A simple tpullback trading plan for $AMRN, more trades like this found at http://t.co/t6Sp7JGWQt. http://t.co/whpdPH29vF
Paul R Zawierka
28 Aug 14 17:00:52
$AMRN provide “a very, very strong type of evidence,” Dr. Hegele said, that triglycerides are in fact a cause of heart attacks."
Stockaholics
28 Aug 14 16:28:47
$VIIC ran up 720% Today in an explosive move! Our new picks are coming soon: http://t.co/EdxLh9u5Nx $PHMB $FNRC $AMRN
Business Updates
28 Aug 14 13:04:12
$AMRN: Why Amarin Corporation plc (ADR) (NASDAQ:AMRN), 4 Others Rallied ... http://t.co/sIKW0IltfT http://t.co/TgmVRhSCSR
Stockaholics
28 Aug 14 13:03:24
$VIIC ran up 720% Today in an explosive move! Our new picks are coming soon: http://t.co/86hsEuqG18 $PHMB $FNRC $AMRN
Stockaholics
28 Aug 14 12:46:36
VIIC ran up 720% Today in an explosive move! Our new picks are coming soon: http://t.co/86hsEuqG18 $PHMB $FNRC $AMRN
Wall Street Monitor
28 Aug 14 12:03:53
$AMRN: Amarin Moves Higher On Speculation Of Special Protocol Assessment http://t.co/1HAxFqyfUS http://t.co/XTdAzuTAlj
Joseph Hopkins
28 Aug 14 11:32:46
Lots of conviction in $AMRN. Holding up well in today's tough market.
Bullrunner911
28 Aug 14 11:24:31
$AMRN $2 is would be 8 mont high. 1.96 would be 5 month high
Bullrunner911
28 Aug 14 11:23:11
$AMRN 1.96 would be a new 6 month high i believe.
Bullrunner911
28 Aug 14 11:17:02
$AMRN 62k to take out at 1.95 .....sellers need to get out of way. AMRN is heading over 2
Bullrunner911
28 Aug 14 10:10:13
$AMRN its almost as if everyone waiting to jump first but once it starts it will go
Bullrunner911
28 Aug 14 10:09:51
$AMRN options call for decision by sept 20th so i guess the shorts think they have more time
Bullrunner911
28 Aug 14 10:09:33
$AMRN its not going to go up unless i post on it. lol....So I guess everyone waiting to sept for it to make its move.
Market News
28 Aug 14 10:04:05
$AMRN: Amarin Corporation plc (ADR) (NASDAQ:AMRN) Sees Upside On Likely-FDA ... http://t.co/NLdsXjF9WA http://t.co/wGwbtX70TX
greenday
28 Aug 14 10:01:43
@MatthewTNatale I wouldnt dismiss the possibility. Look at OREX CHTP PGNX ZGNX to name a few. Maybe a SPA modify from FDA to save face $AMRN
Market Headlines
28 Aug 14 09:04:28
$AMRN: AMARIN CORP PLC\UK Financials http://t.co/ULEisUqCig http://t.co/SSzqS40QXz
PHARMD
28 Aug 14 08:16:03
RT @GBh10ok: $AMRN provide “a very, very strong type of evidence,” Dr. Hegele said, that triglycerides are in fact a cause of heart attacks.
Matthew Natale
28 Aug 14 08:08:47
$AMRN Don't expect the #FDA to suddenly do the right thing, restore the #SPA. Ineptitude in government w/ a compliant anti business press.
JohnCappello
28 Aug 14 08:05:45
RT @GBh10ok: $AMRN provide “a very, very strong type of evidence,” Dr. Hegele said, that triglycerides are in fact a cause of heart attacks.
Biotex
28 Aug 14 07:11:37
bought a little more $AMRN
dougheuring
28 Aug 14 06:49:35
@zDonShimoda @ColfaxCapital hold on $amrn has the record 4 times I think. Lol
Bruce G. Holland
28 Aug 14 06:21:16
$AMRN provide “a very, very strong type of evidence,” Dr. Hegele said, that triglycerides are in fact a cause of heart attacks.
Bruce G. Holland
28 Aug 14 06:20:46
$AMRN Those studies, published in The New England Journal of Medicine and funded by the National Institutes of Health and the European Union
Biz News Pioneer
28 Aug 14 06:03:50
$AMRN: Amarin announces Vascepa case study publication http://t.co/x0y63DPMTv http://t.co/syExyeVfr5
Seth Robey
28 Aug 14 05:55:00
@cardiobrief what are current thoughts on trigs as a risk factor? Will $ISIS need outcomes study re: $AMRN, or has thinking changed?
JohnCappello
28 Aug 14 05:42:28
#FDA why we need Vascepa? Myopic view on treating (only) LDL-C . ~50% of CVD events have normal LDL-C (WTF) $AMRN http://t.co/6OEukRc5Or
BioBounce.com
28 Aug 14 05:41:11
A simple tpullback trading plan for $AMRN, more trades like this found at http://t.co/t6Sp7JGWQt. http://t.co/whpdPH29vF
Biotex
28 Aug 14 05:05:21
futures down a bit. holding mostly cash right now and a little $AMRN. watching $CYTR to re-enter
Ric Mata
27 Aug 14 22:19:53
RT @JohnCappello: Another heart warming story of a love affair between a biotech and the #FDA except it's not $AMRN but just as bad. http:/…
JohnCappello
27 Aug 14 21:17:39
Another heart warming story of a love affair between a biotech and the #FDA except it's not $AMRN but just as bad. http://t.co/9IcufdJy9s
Market Monitor
27 Aug 14 21:03:56
$AMRN: Amarin to Report Second Quarter 2014 Results and Host Conference Call on August 7, 2014 http://t.co/Mh1jLhOObS http://t.co/wa9AVoKlC9
Stockaholics
27 Aug 14 20:16:47
REVI closed up 44.5% today! Special Update: http://t.co/6o15AzsDr3 $PHMB $FNRC $AMRN
Bullrunner911
27 Aug 14 20:15:37
Commented on StockTwits: $amrn fda look like fools no matter what...I always said sue them from the get go. Obvio... http://t.co/B1XIf6y7zj
$$$ Money $$$
27 Aug 14 20:04:26
$TKMR i sit here & thought. Damn! Someone want out for sure. It will pop for rumors chasers. Daily fart do same w/ $ARIA $AMRN $ARNA
Option Zen
27 Aug 14 18:54:33
Enough about politics it's market time!!! Go $yhoo $twtr $gwph and my lottery ticket $amrn
23Chromz
27 Aug 14 18:45:30
$TKMR LMAO at another mysterious Daily Mail rumor. Are they paid to do this?! $AMRN $ARNA $ARIA still waiting on their daily mail buyout
Option Zen
27 Aug 14 18:12:45
Heavy after hours institutional buying (175 shares)in $amrn. Look out tomorrow
Scott Thomas
27 Aug 14 16:11:32
@ChetStedman5 @shaneblackmon And $ARIA + $AMRN
Market Compass
27 Aug 14 16:04:02
$AMRN: Amarin Reports Second Quarter 2014 Financial Results and Provides Update on Operations http://t.co/vZ3FyBP3Ad http://t.co/EU1BuG8jZW
Paul R Zawierka
27 Aug 14 15:46:42
RT @JohnCappello: Jenkins knows Anchor to be "sold" one way or another, Losing to $AMRN on 1st Amdment is bad precedent for FDA, best to fi…
Shane Blackmon
27 Aug 14 15:24:20
@jwbartelt blah blah blah, same with $ARIA $AMRN and every other stock Daily Mail talks about. Lots of co's have partners with big pharma.
$$$ Money $$$
27 Aug 14 14:45:46
RT"@imaway: @BiotechMoney18 $amrn and $aria” ah right. Thanks. I remember $ARIA one. Lol. WS man. SMH
W
27 Aug 14 14:41:31
@BiotechMoney18 $amrn and $aria
Mike Juneau
27 Aug 14 13:53:49
$AMRN should look at Omega-3 effectiveness at treating depression as an avenue to gain FDA approval.
PHARMD
27 Aug 14 13:20:01
RT @JohnCappello: no direct implications for $AMRN but new AHA study measures TGs, EPA / DHA as part of large trans fat / CVD study http:/…
JohnCappello
27 Aug 14 12:47:36
no direct implications for $AMRN but new AHA study measures TGs, EPA / DHA as part of large trans fat / CVD study http://t.co/nSVZkSz5XP
kenr0966
27 Aug 14 12:25:31
RT @PipsToDollars: CALLS: $AMRN 1.93 $YHOO 38.10 $TWTR 47.95
JohnCappello
27 Aug 14 12:20:24
CP link http://t.co/Bp5dVCPlf8 $AMRN
				
				
By  +Follow October 30, 2013 9:36AM
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