You are accurate in saying at the moment we don't fully know Baker Bros. position in AMRN. However, they are not traders but value investors. Even if they immediately cashed out their $30M (your #) which is spare change for them, where would they then invest that money? Not many risk/reward biotechs out there now on par with AMRN going forward. Baker Bros.(and others) know that
Interesting to note Sofinnova is an active investor in about 27 biotech's (including Amarin)
One of those 27 (Hyperion Therapeutics) was acquired yesterday by Horizon Pharmaceticals for $1.1 billion.
When AMRN announced private placement earlier this month, initial dumb reaction was a shortlived selloff and then pps closed higher. By "investors" you mean people who put their money where there mouth is?
Sofinnova has been a long, longtime investor in Amarin. Today's announcement merely says they will now continue to be a long, long, longtime investor.
With the private placement,the investors, Baker Bros. stepped in to see to it that Reduce-It is funded to conclusion
Yes, happy with close. Opened down .06 and gained strength all day on good volume and closed up .07
when rest of market faded. Dow down over 100.
Bogatie I agree with you on the importance of this study...however, it was only formally presented yesterday but the "news" of it has been out for awhile Amrn put out a press release about the study awhile ago a nd alluded to it in their recent CC. I think part of the recent run-up in pps prior to yesterday's proceedings in San Diego was / is attributable to this. We didn't get a big pop in pps yesterday due to a bit of that old buy the rumor sell the news.
raf..I would say all of the above, but add the partnering deal with Eddingplarm and the private placement that in the last couple weeks has given AMRN a solid financial footing to complete Reduce-it (if needed).
Most important for fueling the pps, I think, is your #1 re; Reduce-it. The word in the scientific and financial community is results will be very compelling for Reduce-it and is already being substiated with other studies. Article on Amarin in todays (Saturday) Irish Independent cites this...and connects the dots to the optimism about early Reduce-it.
Thanks Key. Good #'s and as was alluded to in CC, Vascepa should start chipping away at some of those generic scripts as docs and more important insurers recognize V is safer, more effective AND cheaper than generic
Yes, those same funds that had to dump it once broke below $5 (thus adding to downward spiral)
will be jumping in to buy once breaks $5 on upswing(, thus fueling an accelerated rise from there)
$20 is in our past (Well, almost. $19.87 in 2011) We'll break well past that sooner or later (and no later than 2018, but I think much sooner)
Yes, that's the kind of trouble I like. . Bu tpps likely will go still higher. Then long term gains turn into short term if you buy back, and hassle of wash sales, etc. But yes, those are nice problems