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Amarin (AMRN) Plunges Again on FDA Announcement

By  +Follow October 30, 2013 9:36AM
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.

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Results for AMRN
18 Sep 14 02:20:28
Commented on StockTwits: An accuate assessment, Big question: Can $AMRN grab enough $1B Rx pie to avoid dilution... http://t.co/T7yIzTnnA2
18 Sep 14 01:07:48
http://t.co/l4qmOlz0qf chartguy89: Stock Charts: AMRN 1.37 Stock Charts $AMRN Amarin Corp. PLC ADS http://t.co/3JwwLeVDHf
Stock Rocket
17 Sep 14 23:49:45
$NETE Gained 551.93% In The Past 6 Weeks! Major News: http://t.co/PU7GW934W5 $PHMB $FNRC $AMRN
Flight Leader Funds
17 Sep 14 20:22:29
@adamfeuerstein I'm trying to get an article published on $AMRN decision. The articles go through you, can you help publish?
Stock Forums
17 Sep 14 19:06:42
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Stock Rocket
17 Sep 14 12:57:50
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Stock Forums
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17 Sep 14 10:39:05
Combo patent app 14/179665 w/ this: http://t.co/JS9HLw6cTA $AMRN
17 Sep 14 10:39:02
$AMRN fda based decision on the panel...just watch the panel meeting and how 2 people railroaded entire proceedings.
17 Sep 14 10:30:27
get ready, another EPA "home run" to be published in Journal of Cardiology $AMRN
17 Sep 14 10:28:31
Commented on StockTwits: $amrn but trigs of 200-500 not bad per fda actions. lol....only obese people need to red... http://t.co/HPq3aUIEZI
17 Sep 14 10:25:28
more on the gene we love to hate - why bother? http://t.co/jqsxXT18cY $AMRN
17 Sep 14 10:23:20
New study: TGs lowered dramatically by gene, But why anyone would want to lower TGs is beyond me http://t.co/NRNhQ7XVVE $AMRN
17 Sep 14 09:29:12
$AMRN market treating the stock like we dont have an approved drug. I first bought amrn at 3.75 before marine trial results published.
17 Sep 14 09:28:42
$AMRN what everyone misses is that the panel simply wanted to wait till outcomes trial results.
17 Sep 14 09:25:14
RT @TraderNewsDaily: http://t.co/PeRPkYu8Uk ranks #1 with over 80% in alert gains today. Related: $HALB $GRLT $ATML $ANV $AMRN $KIOR $ORE…
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Ticker Report
17 Sep 14 08:27:45
Amarin Co. plc Given Reduce Rating at Jefferies Group $AMRN http://t.co/n3gp6WyV7Z
17 Sep 14 07:53:05
Jefferies Group Reiterates “Reduce” Rating for Amarin Co. plc $AMRN http://t.co/lPWA6tl06s
17 Sep 14 07:37:52
Bought back some $AMRN for the bounce. Can't stay away from this one if it is bouncing.
Rob Wright
17 Sep 14 07:26:56
RT @matthewherper: Yes. MT @DewDiligence $AMRN finally talking like a serious drug co rather than a "virtual" biotech who encourages retai…
17 Sep 14 06:53:40
My Puts $BLUE $AMRN and Calls $EXEL $CRIS, expires this Friday. Of all, $AMRN is the drag queen.
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17 Sep 14 06:38:23
$AMRN Load the Boat!!!
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17 Sep 14 05:24:38
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17 Sep 14 05:19:34
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17 Sep 14 05:19:27
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17 Sep 14 04:47:52
Completion of REDUCE-IT Best Way to Maximize Amarin $AMRN Vascepa L-T Value, Jefferies Says http://t.co/BL3IGdYKMW
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By  +Follow October 30, 2013 9:36AM



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