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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
chartguy89
31 Oct 14 19:37:39
AMRN 0.9412 Stock Charts $AMRN Amarin Corp. PLC ADS (NASDAQ) Last Updated: 10/31/2014 21:37:38 AMRN Stock Char http://t.co/gaAtBAAXgn
wininstocks2014
31 Oct 14 19:18:03
AMRN 0.9412 Stock Charts $AMRN Amarin Corp. PLC ADS (NASDAQ) Last Updated: 10/31/2014 21:18:03 AMRN Stock Char http://t.co/nOJyPzmnRj
Stockaholics
31 Oct 14 13:27:56
Our Penny Stock Alerts Gained 250% In 2 days, So far! Big News: http://t.co/bMKiKj7wmb $PHMB $FNRC $AMRN
Stockaholics
31 Oct 14 11:13:55
Our Penny Stock Newsletter Alert On MGON Closed up 112.5% Today! Major News: http://t.co/dvxYQnSJab $PHMB $FNRC $AMRN
Amel
31 Oct 14 10:06:41
Last 4 weeks of Vascepa $AMRN 10/24 - 9492 TRx 4186 NRx 10/17 - 9235 TRx 4082 NRx 10/10 - 9183 TRx 4000 NRx 10/03 - 9485 TRx 4154 NRx
clayton
31 Oct 14 10:00:49
$HGD.TO Market Cap Click Here: http://t.co/BX1r627Kpd Also See: $AMRN $CSCO $UUP $EBAY ~
BlockTradeAlert
31 Oct 14 09:30:55
BLOCK TRADE (Microcap): $AMRN 120,000 shares @ $0.949 [12:30:53]
lookn4wins
31 Oct 14 07:58:05
$GM Market Cap Click Here: http://t.co/KAoqswl4BC Also See: $GS $MMM $AMRN $COST ~
Zenhunter
31 Oct 14 07:29:10
Bought back $AMRN due to weekly prescription number going back up. There may be a bounce from here.
John
31 Oct 14 07:18:35
RT @JNapodano: Initiated coverage today on $MTNB, a new player in the fish oil / omega-3 market > http://t.co/vkJGBtDhY9 $AMRN $GSK $AZN Re…
lookn4wins
31 Oct 14 06:56:12
$GE Investor Opinions Click Here: http://t.co/Ws42qWqWBH Also See: $AMRN $XLB $XLY $CMI ~
Stock Relay
31 Oct 14 03:52:20
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Stockaholics
31 Oct 14 03:24:41
Our Penny Stock Newsletter Alert On MGON Closed up 112.5% Today! Major News: http://t.co/gDCrqEFOy6 $PHMB $FNRC $AMRN
Crazy kid
31 Oct 14 02:51:32
Well, if that's not an $AMRN rally, what is?
jim50
31 Oct 14 02:21:45
$DUST Last Price Click Here: http://t.co/Jvw7pIrh81 Also See: $ING $AMRN $BABA $RGLD ~
Jake13
31 Oct 14 00:26:47
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InterCooler
30 Oct 14 23:50:31
Short Interest in Amarin Co. plc Drops By 6.5% $AMRN http://t.co/kuzIl9Za1Q
Stock Relay
30 Oct 14 23:29:38
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US Banking News
30 Oct 14 22:33:58
Amarin Co. plc Sees Significant Decrease in Short Interest $AMRN http://t.co/mtdrFqMqqh
Ticker Report
30 Oct 14 22:28:31
Amarin Co. plc Sees Significant Decrease in Short Interest $AMRN http://t.co/zYXB0P5iFw
Stockaholics
30 Oct 14 21:53:00
Our Penny Stock Newsletter Alert On MGON Closed up 112.5% Today! Major News: http://t.co/dvxYQnSJab $PHMB $FNRC $AMRN
jim50
30 Oct 14 21:45:55
$BITA Chart Click Here: http://t.co/0cZpno5nWp Also See: $ABBV $BITA $FXI $AMRN ~
J. Bob O'Malley
30 Oct 14 21:16:18
@DrPaulyDeSantis Hi - what's your take on $AMRN? I don't own it but lots of angry share holders.
lookn4wins
30 Oct 14 21:10:45
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30 Oct 14 20:59:57
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Stock Relay
30 Oct 14 20:21:03
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Jake13
30 Oct 14 20:06:19
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Stock Relay
30 Oct 14 19:50:37
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IH News Desk
30 Oct 14 19:34:14
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lookn4wins
30 Oct 14 19:30:50
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jim50
30 Oct 14 19:29:31
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PolgarStocks
30 Oct 14 19:28:55
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Stock_Tracker
30 Oct 14 19:28:03
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IH NASDAQ OMX
30 Oct 14 19:25:53
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clayton
30 Oct 14 19:24:31
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Langan Stocks
30 Oct 14 19:23:21
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Rosner Stocks
30 Oct 14 19:21:37
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Jake13
30 Oct 14 19:19:23
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nasdaqfan
30 Oct 14 19:18:47
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Jake13
30 Oct 14 19:10:06
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J. Bob O'Malley
30 Oct 14 19:08:52
RT @BiotechWill: Reading the $AMRN @StockTwits is like going to an AA meeting and hearing everyone else is still drinking a year after your…
PolgarStocks
30 Oct 14 19:08:41
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23Chromz
30 Oct 14 19:07:17
@Pharmdca $AMRN going to $0, $SRPT just needs more time
J. Bob O'Malley
30 Oct 14 19:02:20
@Pharmdca totally agree on $srpt but $amrn? Anyone who owns them is a fool.
PHARMD
30 Oct 14 18:51:02
@Pharmdca $srpt $amrn same situation and mess created by fda and management.
PHARMD
30 Oct 14 18:49:45
$srpt fda under pressure from parents in regards to delay in therapy for muscular dystrophy. A mess created by fda and ceo. Hello $amrn
Stock Relay
30 Oct 14 18:33:12
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Stock Relay
30 Oct 14 18:30:17
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Stock Relay
30 Oct 14 18:30:16
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By  +Follow October 30, 2013 9:36AM
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