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Amarin climbs after Citi starts with Buy rating, $20 target

Drug maker Amarin (AMRN) is climbing after Citigroup analyst Jonathan Eckard initiated coverage of the stock with a $20 price target and Buy rating in a note to investors earlier today. After the company said last month that the FDA had postponed deciding whether to grant exclusivity to its Vascepa fat reduction product, Eckard believes the stock is pricing in a near worst case scenario. The analyst predicts that Vascepa can generate more than $1B in revenue for Amarin. Moreover, Eckard thinks that Amarin may still be granted five years of exclusivity for Vascepa, and he believes that the stock can advance even if the company is unable to obtain a partner for the product. In early trading, Amarin rose 54c, or 4.69%, to $12.03.