Wednesday, December 1, 2010

Canaccord Reiterates "Buy" on Amarin (NASDAQ:AMRN)

Canaccord Genuity has maintained their "Buy" rating on Amarin Corporation (NASDAQ:AMRN), citing strong chances of FDA approval for AMR101.

"We think MARINE data bodes well for Q2/11 ANCHOR data; raising target on increased chances of FDA approval. AMR101 is AMRN’s purified EPA omega-3 drug for high triglycerides. We expect release of very positive complete MARINE data and top-line ANCHOR pivotal trial data in H1/11. We think AMRN may submit the AMR101 NDA for very high triglycerides in mid-2011 and get approval in H1/12," said Canaccord.

Amarin closed Tuesday at $5.83, dropping slightly by $0.02, or 0.34 percent. Canaccord raised their price target on them from $7 to $9.

Trading volume soared from the 3-month average of 1,657,530 to 14,537,395.

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