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Wednesday, April 10, 2019 5:22:50 PM
By Bailey Lipschultz and Gregory Calderone
April 10, 2019, 9:18 AM PDT
AMARIN CORP -ADR
19.46USD+0.40+2.10%
Investors slowly raised bets against small-cap drugmaker Amarin Corp. as speculation around a possible deal has calmed in recent weeks. Shares have maintained their gains after the company submitted a filing to U.S. regulators at the end of March to broaden the indication for its heart capsules.
There are more than 21.7 million shares of the Dublin-based company sold short, up from the approximately 12 million short in mid-September, according to financial analytics firm S3 Partners. The stock surged later that month when its fish-oil-based medication showed promise in a long-term study. Short selling increased over the last three weeks as speculation of a multibillion-dollar deal quieted and investors shifted their focus to first-quarter prescription numbers.
Roughly 6.6 percent of Amarin shares available for trading are sold short, the highest in more than a year, with 2.1 days to cover, according to data compiled by S3. The company’s American depositary receipts remain more than 500 percent higher since the initial “Reduce-It” trial announcement on September 24, bringing its market value to about $6.3 billion.
Amarin remains up more than 500 percent from ground-breaking data
One thing is clear. Amarin options appear to be maintaining the bullish theme with total call open interest exceeding put open interest by more than 3 to 1. Over 33 percent of those calls are set to expire on April 18 and the at-the-money straddle is expecting a 5 percent move in shares between today and expiration.
Those option bets could be used by investors as a hedge against shorts. A key catalyst for the drugmaker will come in the few weeks, when management reports first-quarter results. Amarin expects revenue to increase more than 50 percent to about $350 million in 2019, driven by sales of Vascepa. The average analyst estimate calls for 2019 revenue to reach $365.5 million, data compiled by Bloomberg show.
Wall Street analysts have pounded the table for a larger company to make an offer for Amarin and help accelerate uptake of its potential blockbuster. The company on March 28 said it submitted a supplemental filing to the Food and Drug Administration for Vascepa to reduce the risk of major adverse cardiovascular events, the same week as the drug won a notable endorsement from the American Diabetes Association
https://www.bloomberg.com/news/articles/2019-04-10/shorts-creep-back-into-amarin-as-deal-speculation-quiets-down?srnd=premium
DIFFERENT STROKES FOR DIFFERENT FOLKS
DIFFERENT STROKES FOR DIFFERENT FOLKS
Recent AMRN News
- Research Highlighting the Clinical Impact of VASCEPA®/VAZKEPA (icosapent ethyl) in Patients with Diabetes and High Cardiovascular Risk and the Anti-Lp(a) Oxidation Mechanistic Effect of Eicosapentaenoic Acid (EPA) to be Presented at the 60th Annual Europe • GlobeNewswire Inc. • 09/09/2024 11:30:00 AM
- Latest Research Highlighting VASCEPA®/VAZKEPA® (icosapent ethyl) REDUCE-IT® Subgroup Data and New Mechanistic Insights into Eicosapentaenoic Acid (EPA) to be Presented at European Society of Cardiology (ESC) Congress • GlobeNewswire Inc. • 08/22/2024 12:30:00 PM
- Form 4 - Statement of changes in beneficial ownership of securities • Edgar (US Regulatory) • 08/05/2024 09:30:03 PM
- Form 4 - Statement of changes in beneficial ownership of securities • Edgar (US Regulatory) • 08/01/2024 08:54:53 PM
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- Form 8-K - Current report • Edgar (US Regulatory) • 07/31/2024 11:05:34 AM
- Form 10-Q - Quarterly report [Sections 13 or 15(d)] • Edgar (US Regulatory) • 07/31/2024 11:05:26 AM
- Amarin Reports Second Quarter 2024 Financial Results and Provides Business Update • GlobeNewswire Inc. • 07/31/2024 11:00:00 AM
- Form 8-K - Current report • Edgar (US Regulatory) • 07/29/2024 09:30:08 PM
- Amarin Receives National Reimbursement for VAZKEPA® (icosapent ethyl) in Portugal • GlobeNewswire Inc. • 07/17/2024 08:15:00 PM
- Amarin to Report Second Quarter 2024 Financial Results and Host Conference Call on July 31, 2024 • GlobeNewswire Inc. • 07/17/2024 12:00:00 PM
- Amarin Partner EddingPharm Receives Regulatory Approval for VASCEPA® (Icosapent Ethyl) in Mainland China for Cardiovascular Risk Reduction (CVRR) • GlobeNewswire Inc. • 07/08/2024 11:30:00 AM
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- Amarin Receives National Reimbursement for VAZKEPA® (icosapent ethyl) in Greece and Announces Exclusive Marketing and Commercialization Agreement with Vianex S.A. • GlobeNewswire Inc. • 05/28/2024 12:15:23 PM
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- Amarin Announces Results of Annual General Meeting of Shareholders • GlobeNewswire Inc. • 04/22/2024 12:00:25 PM
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- Amarin Highlights Key Data Providing Mechanistic Insights into Eicosapentaenoic Acid (EPA) at ACC.24 • GlobeNewswire Inc. • 04/08/2024 12:00:00 PM
- New REDUCE-IT® Analyses Show VASCEPA® (Icosapent Ethyl) Benefit in High-Risk Cardiovascular Disease Patient Subgroups • PR Newswire (Canada) • 04/08/2024 10:30:00 AM
- New REDUCE-IT® Analyses Show VASCEPA®/VAZKEPA® (Icosapent Ethyl) Benefit in High-Risk Cardiovascular Disease Patient Subgroups • GlobeNewswire Inc. • 04/06/2024 07:30:00 PM
- Amarin Provides Update on VAZKEPA® (Icosapent Ethyl) Intellectual Property Portfolio in Europe • GlobeNewswire Inc. • 04/03/2024 12:00:00 PM
- Research Evaluating Benefits of VASCEPA®/VAZKEPA® (icosapent ethyl) to be Presented at the American College of Cardiology’s (ACC) Annual Scientific Session & Expo • GlobeNewswire Inc. • 03/25/2024 12:00:00 PM
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