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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
23Chromz
18 Dec 14 10:48:31
@BiotechStockRsr I've seen $AMRN Vascepa which is like this size of a horse pill
Stockaholics
18 Dec 14 10:39:45
Platinum Memberships Rose, After 528% Gains On Penny Stocks, In One Month! Big Update: http://t.co/2W3yKD2d5Q $PHMB $FNRC $AMRN
Bullrunner911
18 Dec 14 08:28:35
Commented on StockTwits: $amrn we been invited to the party....as doorman, valet guys, trashman, ......we are at ... http://t.co/FKqybfmY3a
Stockaholics
18 Dec 14 06:00:01
Platinum Memberships Rose, After 528% Gains On Penny Stocks, In One Month! Big Update: http://t.co/2W3yKD2d5Q $PHMB $FNRC $AMRN
Bullrunner911
18 Dec 14 05:47:34
Commented on StockTwits: $amrn where is the international deal....mgmt too greedy? http://t.co/IWQePOga0F
Bullrunner911
18 Dec 14 05:32:12
Commented on StockTwits: $amrn opk can sign another deal with a big Pharma for a new indication while mgmt sits o... http://t.co/b1MrlK7xC1
T Abuhasna
18 Dec 14 02:45:55
Good News: Vascepa Kept Its Place On National Formularies $AMRN http://t.co/bT8jN9bv2S
Stockaholics
17 Dec 14 23:49:36
Platinum Memberships Rose, After 528% Gains On Penny Stocks, In One Month! Big Update: http://t.co/2W3yKD2d5Q $PHMB $FNRC $AMRN
Trader Chick
17 Dec 14 14:31:35
RT @SeekingAlpha: Good News: Vascepa Kept Its Place On National Formularies http://t.co/wJLKomIXjX … $AMRN
Trader News Daily
17 Dec 14 13:23:17
Wow http://t.co/PeRPkZkWiw just posted last weeks results. +429%. Crazy. They offer a free trial too. $FCEL $SPF $AXAS $AMRN $RGIN
Penny Stock Secret
17 Dec 14 13:00:08
The Stock Picking Service of 2014 More Info Here http://t.co/SVqoMlijqL ... $PHMB $FNRC $AMRN
Stockaholics
17 Dec 14 12:24:41
Platinum Memberships Rose, After 528% Gains On Penny Stocks, In One Month! Big Update: http://t.co/2W3yKD2d5Q $PHMB $FNRC $AMRN
kontiki04
17 Dec 14 11:58:06
RT @SeekingAlpha: Good News: Vascepa Kept Its Place On National Formularies http://t.co/pI8vpHqS6D $AMRN
S Romberger
17 Dec 14 11:44:26
RT @SeekingAlpha: Good News: Vascepa Kept Its Place On National Formularies http://t.co/pI8vpHqS6D $AMRN
ProTradersNews
17 Dec 14 11:43:04
$AMRN $GSK: Good News: Vascepa Kept Its Place On National Formularies (AMRN) http://t.co/qXQMCS1PRz http://t.co/GzhG2BtVcU
trader j
17 Dec 14 11:41:55
RT @JohnCappello: patients had decreased LDL-C, TG, non-HDL-C, & TC & increases in HDL-C following switch from Lovaza to Vascepa $AMRN htt…
Kijun Tenkan
17 Dec 14 11:39:46
half the health insurance companies cover $AMRN Vascepa in their commercial plans.
trader j
17 Dec 14 11:39:17
RT @SeekingAlpha: Good News: Vascepa Kept Its Place On National Formularies http://t.co/pI8vpHqS6D $AMRN
Time=Best Stock
17 Dec 14 11:38:55
RT @kijun10kan: $AMRN Vascepa on preferred lists of the top 3 PBMs ( $ESRX , $CVS /Caremark, & $CTRX )
Kijun Tenkan
17 Dec 14 11:38:48
1/3 of the largest 25 insurers have $AMRN Vascepa on their Medicare and state Exchange drug lists
Kijun Tenkan
17 Dec 14 11:37:19
$AMRN Vascepa on preferred lists of the top 3 PBMs ( $ESRX , $CVS /Caremark, & $CTRX )
Seeking Alpha
17 Dec 14 11:33:15
Good News: Vascepa Kept Its Place On National Formularies http://t.co/pI8vpHqS6D $AMRN
dude
17 Dec 14 10:19:22
RT @JohnCappello: patients had decreased LDL-C, TG, non-HDL-C, & TC & increases in HDL-C following switch from Lovaza to Vascepa $AMRN htt…
dude
17 Dec 14 10:19:18
RT @JohnCappello: New Investor FAQ: Diabetics or Prediabetes patients switched from Lovaza to Vascepa $AMRN http://t.co/BcbTwAVg74
Trader News Daily
17 Dec 14 09:02:27
Wow http://t.co/PeRPkZkWiw just posted last weeks results. +429%. Crazy. They offer a free trial too. $FCEL $SPF $AXAS $AMRN $RGIN
JohnCappello
17 Dec 14 07:53:41
patients had decreased LDL-C, TG, non-HDL-C, & TC & increases in HDL-C following switch from Lovaza to Vascepa $AMRN http://t.co/NRhnUmsDPB
JohnCappello
17 Dec 14 07:15:28
New Investor FAQ: Diabetics or Prediabetes patients switched from Lovaza to Vascepa $AMRN http://t.co/BcbTwAVg74
Aguiar Nottingham
17 Dec 14 05:11:45
$AMRN at $1 not in Bankruptcy vs $GTAT at $1 in bankruptcy ... whose chances are better long term for a bounce!???
Stockaholics
17 Dec 14 00:31:42
Platinum Memberships Rose, After 528% Gains On Penny Stocks, In One Month! Big Update: http://t.co/2W3yKD2d5Q $PHMB $FNRC $AMRN
Tom Hitchcock
16 Dec 14 13:51:49
RT @JohnCappello: FDA approves Lp-PLA2 test to predict CAD Risk $AMRN Vascepa lowers Lp-PLA2 by 19% http://t.co/R8ev8xaMhf
Stoney31
16 Dec 14 13:41:12
@US_FDA FDA approves Lp-PLA2 test to predict CAD Risk $AMRN Vascepa lowers Lp-PLA2 by 19% http://t.co/Ufj46YSf8R
Stoney31
16 Dec 14 13:39:01
RT @JohnCappello: FDA approves Lp-PLA2 test to predict CAD Risk $AMRN Vascepa lowers Lp-PLA2 by 19% http://t.co/R8ev8xaMhf
Kim Frazier
16 Dec 14 12:41:07
RT @JohnCappello: study sees need to manage High triglycerides in type 2 diabetic patients with CVD $AMRN #FDA #hearthealth http://t.co/Yz…
dude
16 Dec 14 12:14:02
#FDA you are bought and sold by your masters at Big Pharma. Dr. Hamburg your time is coming, one investigation and it falls apart $AMRN
Stockaholics
16 Dec 14 10:48:28
Platinum Memberships Rose, After 528% Gains On Penny Stocks, In One Month! Big Update: http://t.co/2W3yKD2d5Q $PHMB $FNRC $AMRN
GenetownBioPro
16 Dec 14 09:04:21
Big red flag for $CYCC was "The Oracle" of $AMRN Steve Rosenman endorsement. That guy must be BK by now
Cam Rosenow
16 Dec 14 08:45:01
RT @JohnCappello: study sees need to manage High triglycerides in type 2 diabetic patients with CVD $AMRN #FDA #hearthealth http://t.co/Yz…
Crazy kid
16 Dec 14 07:50:58
$AMRN Let's welcome a new crop of bag holders to the fold! I am out and banged up, but at least I'm out. Take it every day- but bad stock!
Matthew Natale
16 Dec 14 07:27:30
RT @JohnCappello: FDA approves Lp-PLA2 test to predict CAD Risk $AMRN Vascepa lowers Lp-PLA2 by 19% http://t.co/R8ev8xaMhf
MARK ROTH
16 Dec 14 07:25:05
RT Study Finds Induction of Apoptosis by EPA in Esophageal Squamous Cell Carcinoma $AMRN http://t.co/xyqUAzNMcc http://t.co/gw1k2dArk3 via
MARK ROTH
16 Dec 14 07:23:27
RT Study advocates EPA has having a synergic effect with several chemotherapy agents https://t.co/Tmar0Ls4rn $AMRN http://t.co/gw1k2dArk3
MARK ROTH
16 Dec 14 07:19:24
RT @JohnCappello: FDA approves Lp-PLA2 test to predict CAD Risk $AMRN Vascepa lowers Lp-PLA2 by 19% http://t.co/PJ8C23uhSI hahhaa FDA=CROOK
trader j
16 Dec 14 07:14:56
RT @JohnCappello: FDA approves Lp-PLA2 test to predict CAD Risk $AMRN Vascepa lowers Lp-PLA2 by 19% http://t.co/R8ev8xaMhf
Bullrunner911
16 Dec 14 06:42:19
"@JohnCappello: FDA approves Lp-PLA2 test to predict CAD Risk $AMRN Vascepa lowers Lp-PLA2 by 19% http://t.co/KSTgmVT6d4" hahhaa FDA=CROOKS
Bullrunner911
16 Dec 14 06:41:30
Commented on StockTwits: $amrn unbelievable! This shows how crooked the FDA is. They are a walking contradiction! http://t.co/MxRdHm5lxa
Ric Mata
16 Dec 14 06:18:07
"@JohnCappello: FDA approves Lp-PLA2 test to predict CAD Risk $AMRN Vascepa lowers Lp-PLA2 by 19% http://t.co/DVAVjqeEWz" #VASCEPA
JohnCappello
16 Dec 14 05:49:42
FDA approves Lp-PLA2 test to predict CAD Risk $AMRN Vascepa lowers Lp-PLA2 by 19% http://t.co/R8ev8xaMhf
Chet Stedman
16 Dec 14 05:38:28
Seeking Alpha Contributor Steve Rosenman was best known for his ridiculous love and dedication to pumping $AMRN.Hes also a huge $CYCC fan
ProVesting
16 Dec 14 04:53:02
$AMRN $MWA: Stocks to Watch - Amarin (AMRN), FreeSeas (FREE), Mueller Water ... http://t.co/X5s3e7DeWC http://t.co/ajJg4OLApl
JohnCappello
16 Dec 14 03:40:39
EPA found to be efficacious / safe for NASH, attributed to its anti-inflammatory & anti-oxidative properties $AMRN http://t.co/zExQvD0JYp
				
				
By  +Follow October 30, 2013 9:36AM
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