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Amarin Shares Up Sharply on Increased Revenues and Vascepa's Progress

Streetwise Reports, Streetwise Reports
0 Comments| July 3, 2019

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Amarin shares are spiking up today by more than 12% on greater than five times 50-day average volume after the company updated its annual revenue forecast and plans for Vascepa.

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Amarin Corp. (AMRN:NASDAQ) ADR shares are up sharply today after the company reported record revenues for H1/19 and raised yearly revenue guidance from $350 million to $380-$450 million. The company also advised that it plans to double its U.S. sales force by October 2019 and that its sNDA (supplemental new drug application) PDUFA goal date of September 28, 2019, for expanding indications for its first FDA-approved drug Vascepa, remains on track.

"Amarin submitted an sNDA to the U.S. Food and Drug Administration (FDA) in March 2019 seeking to expand the indication for Vascepa based on the positive results of the landmark REDUCE-IT™ cardiovascular outcomes study. The expanded label is expected to allow for considerably broader promotion of Vascepa in the United States. It was announced in May 2019, the FDA accepted the sNDA for filing and granted Priority Review designation with an assigned PDUFA goal date of September 28, 2019," the company reported.

If the FDA approves the sNDA, the company noted that "Vascepa is anticipated to be the first drug with an indication to reduce residual cardiovascular risk in patients with statin-managed LDL-cholesterol, but persistent elevated triglyceride (TG) levels, an important indicator of cardiovascular disease."

Amarin Corp. develops therapeutics to improve cardiovascular health. "Its product development program leverages its extensive experience in polyunsaturated fatty acids and lipid science. Vascepa (icosapent ethyl) is Amarin's first FDA-approved drug and is available by prescription in the United States," the release noted.

The company's U.S. ADR shares are currently trading at $21.94/share, up $2.70/share (+14.03%) over Monday's close of $19.24. More than 25 million shares have traded through the first three hours of trading, which is more than five times the 50-day average volume of 5.1 million shares/day.

1) Stephen Hytha compiled this article for Streetwise Reports LLC and provides services to Streetwise Reports as an independent contractor. He or members of his household own securities of the following companies mentioned in the article: None. He or members of his household are paid by the following companies mentioned in this article: None.
2) The following companies mentioned in this article are billboard sponsors of Streetwise Reports: None. Click here for important disclosures about sponsor fees.
3) Comments and opinions expressed are those of the specific experts and not of Streetwise Reports or its officers. The information provided above is for informational purposes only and is not a recommendation to buy or sell any security.
4) The article does not constitute investment advice. Each reader is encouraged to consult with his or her individual financial professional and any action a reader takes as a result of information presented here is his or her own responsibility. By opening this page, each reader accepts and agrees to Streetwise Reports' terms of use and full legal disclaimer. This article is not a solicitation for investment. Streetwise Reports does not render general or specific investment advice and the information on Streetwise Reports should not be considered a recommendation to buy or sell any security. Streetwise Reports does not endorse or recommend the business, products, services or securities of any company mentioned on Streetwise Reports.
5) From time to time, Streetwise Reports LLC and its directors, officers, employees or members of their families, as well as persons interviewed for articles and interviews on the site, may have a long or short position in securities mentioned. Directors, officers, employees or members of their immediate families are prohibited from making purchases and/or sales of those securities in the open market or otherwise from the time of the interview or the decision to write an article until three business days after the publication of the interview or article. The foregoing prohibition does not apply to articles that in substance only restate previously published company releases.


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