The Goldman Sachs Group Issues Pessimistic Forecast for Amarin (NASDAQ:AMRN) Stock Price

Amarin (NASDAQ:AMRN) had its target price lowered by equities researchers at The Goldman Sachs Group from $20.00 to $7.00 in a research note issued on Thursday,Benzinga reports. The brokerage currently has a “sell” rating on the biopharmaceutical company’s stock. The Goldman Sachs Group’s target price would indicate a potential downside of 23.16% from the company’s previous close.

Separately, StockNews.com initiated coverage on Amarin in a report on Wednesday. They issued a “sell” rating on the stock.

Amarin Price Performance

AMRN opened at $9.11 on Thursday. The business has a fifty day moving average price of $9.78 and a 200 day moving average price of $10.44. Amarin has a 12 month low of $7.08 and a 12 month high of $20.60. The stock has a market capitalization of $187.06 million, a price-to-earnings ratio of -101.22 and a beta of 1.38.

Amarin (NASDAQ:AMRN) last released its earnings results on Wednesday, March 12th. The biopharmaceutical company reported ($2.40) earnings per share for the quarter, missing analysts’ consensus estimates of ($1.20) by ($1.20). Amarin had a negative return on equity of 7.22% and a negative net margin of 16.33%. The firm had revenue of $62.31 million for the quarter, compared to analysts’ expectations of $32.37 million. On average, research analysts anticipate that Amarin will post -0.15 earnings per share for the current year.

Hedge Funds Weigh In On Amarin

Hedge funds have recently added to or reduced their stakes in the stock. Waterfront Wealth Inc. boosted its holdings in shares of Amarin by 181.4% in the 4th quarter. Waterfront Wealth Inc. now owns 2,481,766 shares of the biopharmaceutical company’s stock valued at $1,204,000 after buying an additional 1,599,956 shares in the last quarter. AXA S.A. acquired a new stake in shares of Amarin during the fourth quarter worth about $480,000. Raymond James Financial Inc. purchased a new stake in shares of Amarin in the 4th quarter valued at about $343,000. Quinn Opportunity Partners LLC boosted its position in shares of Amarin by 85.2% in the 4th quarter. Quinn Opportunity Partners LLC now owns 1,106,539 shares of the biopharmaceutical company’s stock valued at $537,000 after purchasing an additional 508,989 shares during the period. Finally, Mercer Global Advisors Inc. ADV acquired a new position in Amarin during the fourth quarter worth approximately $171,000. 22.25% of the stock is currently owned by hedge funds and other institutional investors.

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.