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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
iHangout
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iHangout
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24 Oct 14 13:01:15
233.0% increased bearish conversations in $AMRN in the past 1 hour.
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24 Oct 14 12:44:14
$AMRN is tanking hard on volume here EOD. Friday night news dump?
BlockTradeAlert
24 Oct 14 12:38:58
BLOCK TRADE (Microcap): $AMRN 100,000 shares @ $0.950 [15:38:58]
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BLOCK TRADE (Microcap): $AMRN 100,000 shares @ $0.960 [15:17:55]
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24 Oct 14 12:06:17
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wsduckk
24 Oct 14 11:52:38
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Zenhunter
24 Oct 14 11:51:37
My sense was corrected on $AMRN except that it was in the wrong direction. I cut my losses when it went below $1.00. Flat for now.
Red Acre Investments
24 Oct 14 11:39:47
@BiotechSage yeah - but that just reminds me of $AMRN SPA is not iron-clad when FDA wants to change it's mind.
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24 Oct 14 11:30:56
BLOCK TRADE (Microcap): $AMRN 100,000 shares @ $0.980 [14:30:54]
Amel
24 Oct 14 11:00:51
Last 4 weeks of Vascepa $AMRN 10/17 - 9235 TRx 4082 NRx 10/10 - 9183 TRx 4000 NRx 10/03 - 9485 TRx 4154 NRx 9/26 - 9163 TRx 3994 NRx
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24 Oct 14 09:43:34
$amrn 10/17/14 SCRIPTS TR x: 9235 (9183 last week) NR x: 4082 (4000 last week)
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24 Oct 14 08:05:53
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Ric Mata
24 Oct 14 07:56:32
RT @JohnCappello: Only 1g EPA (25% dose/Vascepa) showed significant decrease in index of microcirculatory resistance http://t.co/Gaz74qR5UP…
MARK ROTH
24 Oct 14 07:43:34
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24 Oct 14 07:34:59
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24 Oct 14 07:13:34
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23 Oct 14 07:34:18
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23 Oct 14 04:15:33
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22 Oct 14 22:27:14
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22 Oct 14 21:30:55
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22 Oct 14 09:09:12
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Sharon Conklin
22 Oct 14 08:51:18
@BullRunner911 No one has held $AMRN this long just to sell it in December.
				
				
By  +Follow October 30, 2013 9:36AM
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