Amarin Corp Plc (AMRN)

[AtlasSnuggled]

JP Morgan note."Upside/Downside". With an upcoming FDA AdCom meeting on V to treat TG fast approaching....we wanted to share our

thoughts on the risk/reward on AMRN shares into the event. Overall, we believe a positive panel is highly likely and view the ANCHOR

indication for high TG as the primary value driver of the stock, targeting a potential market 10X the size of V's current label.

While we see fairly equal upside/downside cases for the stock ($2-3),we believe the probability of a positive recommendation (>80%)

far ouweighs that of a negative one (<20%). Amarin is operating under a SPA with the FDA and has highly positive data from its ANCHOR

and MARINE studies as well as a very clean safety profile with V. While we believe the commercial potential of V will remain a source

of controversy in the story, a positive panel woudl help de-risk the pathway to aproval for an indication that accounts for 70%+ of

our DCF. Although we see the prob of a neg panel as low we believe the possibility exists for the FDA to ask AMRN to finish its

REDUCE IT outcomes studies (expected by 2018) before approving its label expansion. While the 4+ year delay would clearly negatively

impact our DCF we believe the label expansion would ultimately be approved and we see clear value in AMRN's Irish corporate structure which

we think would help set a floor on the stock

thx http://stocktwits.com/homebuilder_watcher