Amarin (NASDAQ:AMRN) Share Price Passes Above 200 Day Moving Average – Time to Sell?

Amarin Corporation PLC (NASDAQ:AMRN) shares crossed above its 200-day moving average during trading on Wednesday . The stock has a 200-day moving average of $12.08 and traded as high as $16.02. Amarin shares last traded at $15.85, with a volume of 61,746 shares trading hands.

Analysts Set New Price Targets

Several brokerages recently issued reports on AMRN. Wall Street Zen raised Amarin from a “hold” rating to a “buy” rating in a research note on Saturday, August 2nd. The Goldman Sachs Group lifted their target price on Amarin from $7.00 to $12.00 and gave the company a “sell” rating in a research note on Wednesday, June 25th. One investment analyst has rated the stock with a Sell rating, According to MarketBeat.com, the company currently has an average rating of “Sell” and a consensus target price of $12.00.

Amarin Stock Performance

The firm has a market cap of $328.25 million, a PE ratio of -4.32 and a beta of 0.84. The firm has a fifty day simple moving average of $15.33 and a two-hundred day simple moving average of $12.08.

Amarin (NASDAQ:AMRN) last released its quarterly earnings results on Wednesday, July 30th. The biopharmaceutical company reported ($0.03) earnings per share for the quarter, beating the consensus estimate of ($0.66) by $0.63. The business had revenue of $72.74 million during the quarter, compared to analysts’ expectations of $45.45 million. Amarin had a negative return on equity of 21.18% and a negative net margin of 47.22%. Equities analysts forecast that Amarin Corporation PLC will post -0.15 EPS for the current fiscal year.

Hedge Funds Weigh In On Amarin

Several institutional investors have recently added to or reduced their stakes in the company. GPS Wealth Strategies Group LLC purchased a new position in shares of Amarin in the 2nd quarter worth approximately $32,000. Headlands Technologies LLC purchased a new position in shares of Amarin in the 2nd quarter worth approximately $44,000. Kornitzer Capital Management Inc. KS boosted its holdings in shares of Amarin by 4.0% in the 1st quarter. Kornitzer Capital Management Inc. KS now owns 88,200 shares of the biopharmaceutical company’s stock worth $40,000 after purchasing an additional 3,400 shares during the period. LCM Capital Management Inc boosted its holdings in shares of Amarin by 2.4% in the 1st quarter. LCM Capital Management Inc now owns 858,259 shares of the biopharmaceutical company’s stock worth $385,000 after purchasing an additional 20,000 shares during the period. Finally, LPL Financial LLC boosted its holdings in shares of Amarin by 26.0% in the 4th quarter. LPL Financial LLC now owns 153,020 shares of the biopharmaceutical company’s stock worth $74,000 after purchasing an additional 31,555 shares during the period. Hedge funds and other institutional investors own 22.25% of the company’s stock.

Amarin Company Profile

Amarin Corporation plc, a pharmaceutical company, engages in the development and commercialization of therapeutics for the treatment of cardiovascular diseases in the United States, European countries, Canada, Lebanon, and the United Arab Emirates. The company offers VASCEPA, a prescription-only omega-3 fatty acid product, used as an adjunct to diet for reducing triglyceride levels in adult patients with severe hypertriglyceridemia.