Amarin (NASDAQ:AMRN) Shares Cross Above 200-Day Moving Average – Here’s What Happened

Amarin Corporation PLC (NASDAQ:AMRN)’s stock price crossed above its 200-day moving average during trading on Monday . The stock has a 200-day moving average of $12.98 and traded as high as $16.39. Amarin shares last traded at $16.08, with a volume of 123,256 shares changing hands.

Wall Street Analyst Weigh In

A number of equities analysts recently commented on AMRN shares. Zacks Research downgraded Amarin from a “strong-buy” rating to a “hold” rating in a report on Monday, August 25th. Wall Street Zen raised shares of Amarin from a “hold” rating to a “buy” rating in a research report on Saturday, August 2nd. Finally, The Goldman Sachs Group upped their price objective on shares of Amarin from $7.00 to $12.00 and gave the stock a “sell” rating in a report on Wednesday, June 25th. One research analyst has rated the stock with a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat, the stock currently has a consensus rating of “Reduce” and a consensus target price of $12.00.

Amarin Trading Up 0.5%

The firm has a 50 day simple moving average of $15.25 and a 200 day simple moving average of $12.98. The firm has a market capitalization of $332.53 million, a PE ratio of -4.38 and a beta of 0.77.

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

Hedge Funds Weigh In On Amarin

Several institutional investors and hedge funds have recently bought and sold shares of the stock. GPS Wealth Strategies Group LLC purchased a new position in Amarin during the second quarter valued at $32,000. Headlands Technologies LLC purchased a new position in Amarin during the second quarter valued at $44,000. Kornitzer Capital Management Inc. KS lifted its position in Amarin by 4.0% during the first quarter. Kornitzer Capital Management Inc. KS now owns 88,200 shares of the biopharmaceutical company’s stock valued at $40,000 after purchasing an additional 3,400 shares in the last quarter. LCM Capital Management Inc lifted its position in Amarin by 2.4% during the first quarter. LCM Capital Management Inc now owns 858,259 shares of the biopharmaceutical company’s stock valued at $385,000 after purchasing an additional 20,000 shares in the last quarter. Finally, Waterfront Wealth Inc. lifted its position in Amarin by 1.3% during the first quarter. Waterfront Wealth Inc. now owns 2,514,615 shares of the biopharmaceutical company’s stock valued at $1,127,000 after purchasing an additional 32,849 shares in the last quarter. 22.25% of the stock is currently owned by hedge funds and other institutional investors.

About Amarin

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.