|Bid||0.00 x 36100|
|Ask||0.00 x 29200|
|Day's Range||5.03 - 5.50|
|52 Week Range||3.36 - 9.25|
|Beta (5Y Monthly)||2.37|
|PE Ratio (TTM)||N/A|
|Earnings Date||Feb 25, 2021|
|Forward Dividend & Yield||N/A (N/A)|
|1y Target Est||10.44|
There’s a big change in Amarin’s (AMRN) C-Suite and it looks like the Street is not happy about it. Shares took a beating in Tuesday’s trading session after the biotech company announced the departure of CEO John F. Thero. Thero who will retire on August 1, has been with Amarin for twelve years, and at the helm for the last seven. Karim Mikhail will take over his role. Mikhail is currently the head of commercial for Europe and joined Amarin in 2020. Mikhail held various executive roles at Merck and has considerable expertise in bringing to market lipid therapies in the EU. Between 2014 and 2018, Mikhail acted as global commercial leader in charge of all key details for Merck's $4 billion lipid franchise. At Amarin, Mikhail has overseen the European pre-launch and commercialization of VAZKEPA - the company’s high triglyceride treatment - which was granted regulatory approval in Europe on March 30. Amarin is gearing up for a big commercial push in the region, with Germany anticipated as the first port of call for the launch. The European team numbers around 50 at present, which Amarin hopes to boost up to 200 by the end of the year. Northland analyst Carl Byrnes thinks the drug could be a success in the region. “The market opportunity in the EU for VAZKEPA is sizeable,” Byrne noted, “As cardiovascular disease is the number one cause of death in the EU, equating to an economic burden exceeding €210B. We approximate peak sales potential of VAZKEPA in the EU to readily exceed €2B, reflecting premium pricing and unmet medical need.” Overall, Byrnes is bullish on Amarin’s prospects; his $15 price target suggests gains of 182% over the coming months. The analyst has an Outperform (i.e. Buy) rating on the shares. (To watch Byrnes’ track record, click here) Most of Byrnes’ colleagues agree. Based on 6 Buys and 2 Holds, Amarin qualifies with a Strong Buy consensus rating. There’s plenty of upside projected too; At $10.43, the average price target implies 12- month gains of 105%. (See AMRN stock analysis on TipRanks) To find good ideas for stocks trading at attractive valuations, visit TipRanks’ Best Stocks to Buy, a newly launched tool that unites all of TipRanks’ equity insights. Disclaimer: The opinions expressed in this article are solely those of the featured analyst. The content is intended to be used for informational purposes only. It is very important to do your own analysis before making any investment.
Shares of Amarin (NASDAQ: AMRN) were 10.4% lower as of 11:20 a.m. EDT on Tuesday. The decline came after the drugmaker announced that John Thero plans to retire as president and CEO effective Aug. 1. Amarin has already named his successor: Karim Mikhail, senior vice president and head of commercial for Europe, will take the reins in August.
Here's a roundup of top developments in the biotech space over the last 24 hours: Scaling The Peaks (Biotech Stocks Hitting 52-week Highs April 12) 180 Life Sciences Corp. (NASDAQ: ATNF) (moved on insider buying) Celcuity Inc. (NASDAQ: CELC) Fortress Biotech, Inc. (NASDAQ: FBIO) Gain Therapeutics, Inc. (NASDAQ: GANX) Medtronic plc (NYSE: MDT) Merit Medical Systems, Inc. (NASDAQ: MMSI) MiMedx Group, Inc. (NASDAQ: MDXG) Down In The Dumps (Biotech Stocks Hitting 52-week Lows April 12) 4D Molecular Therapeutics, Inc. (NASDAQ: FDMT) ACADIA Pharmaceuticals Inc. (NASDAQ: ACAD) Achilles Therapeutics plc (NASDAQ: ACHL) (reacted to presentation at the American Association of Cancer Research annual meeting) Acutus Medical, Inc. (NASDAQ: AFIB) Adverum Biotechnologies, Inc. (NASDAQ: ADVM) Adagene Inc. (NASDAQ: ADAG) Aprea Therapeutics, Inc. (NASDAQ: APRE) Assembly Biosciences, Inc. (NASDAQ: ASMB) Axsome Therapeutics, Inc. (NASDAQ: AXSM) Bellerophon Therapeutics, Inc. (NASDAQ: BLPH) Biophytis SA (NASDAQ: BPTS) Bolt Biotherapeutics, Inc. (NASDAQ: BOLT) Calithera Biosciences, Inc. (NASDAQ: CALA) Checkmate Pharmaceuticals, Inc. (NASDAQ: CMPI) (reacted to AACR presentation) Coherus BioSciences, Inc. (NASDAQ: CHRS) Concert Pharmaceuticals, Inc. (NASDAQ: CNCE) ContraFect Corporation (NASAQ: CFRX) Decibel Therapeutics, Inc. (NASDAQ: DBTX) Design Therapeutics, Inc. (NASDAQ: DSGN) Fusion Pharmaceuticals Inc. (NASDAQ: FUSN) Idera Pharmaceuticals, Inc. (NASDAQ: IDRA) Immunocore Holdings plc (NASDAQ: IMCR) IMARA Inc. (NASDAQ: IMRA) Instil Bio, Inc. (NASDAQ: TIL) (moved on AACR presentation) Ionis Pharmaceuticals, Inc. (NASDAQ: IONS) Kronos Bio, Inc. (NASDAQ: KRON) (reacted to preclinical data presented at AACR meeting) Longboard Pharmaceuticals, Inc. (NASDAQ: LBPH) MediciNova, Inc. (NASDAQ: MNOV) Metacrine, Inc. (NASDAQ: MTCR) Millendo Therapeutics, Inc. (NASDAQ: MLND) NeuBase Therapeutics, Inc. (NASDAQ: NBSE) Qualigen Therapeutics, Inc. (NASDAQ: QLGN) (withdrew emergency use authorization application for COVID-19 diagnostic test) Reata Pharmaceuticals, Inc. (NASDAQ: RETA) Reneo Pharmaceuticals, Inc. (NASDAQ: RPHM) (went public Friday) Reviva Pharmaceuticals Holdings, Inc. (NASDAQ: RVPH) Sarepta Therapeutics, Inc. (NASDAQ: SRPT) Sigilon Therapeutics, Inc. (NASDAQ: SGTX) Soleno Therapeutics, Inc. (NASDAQ: SLNO) Syros Pharmaceuticals, Inc. (NASDAQ: SYRS) Titan Pharmaceuticals, Inc. (NASDAQ: TTNP) VectivBio Holding AG (NASDAQ: VECT) (went public Friday) Y-mAbs Therapeutics, Inc. (NASDAQ: YMAB) (presented clinical data at AACR meeting) Stocks In Focus Amarin Names Insider Karim Mikhail As CEO Amarin Corporation plc (NASDAQ: AMRN) announced that CEO John Thero has informed the board of directors of his plan to retire from the position of CEO effective Aug. 1. He will also step down from the board at that time. The board has appointed Karim Mikhail, Amarin's senior SVP and head of commercial for Europe, to succeed Thero as the company's next president and CEO and as a board member. Thero will continue to provide his guidance and expertise to the company in an advisory capacity through the end of 2021, the company said. The stock was down 2.74% premarket at $5.68. Johnson & Johnson's Vaccine Use Paused By FDA The Food and Drug Administration and the Centers for Disease Control and Prevention are recommending a pause in the use of Johnson & Johnson's (NYSE: JNJ) COVID-19 vaccine due to reports of a rare type of blood clots. The stock was down 2.68% at $157.30 in premarket trading Tuesday. Roche Snags FDA Approval For Self-Injectable, Prefilled Syringe For Asthma Drug Roche Holding AG (OTC: RHHBY) said the U.S. Food and Drug Administration has approved its supplemental Biologics License Application for Xolair, a prefilled syringe for self-injection across all approved U.S. indications. Xolair is the only FDA-approved biologic designed to target and block immunoglobulin E for the treatment of moderate to severe persistent allergic asthma, chronic idiopathic urticaria and nasal polyps. Immunocore Presents Positive Phase 3 Data For Eye Cancer Drug Immunocore presented at the AACR annual meeting with data from a Phase 3 trial comparing tebentafusp with investigator's choice, in first-line metastatic uveal melanoma, showing tebentafusp demonstrated a statistically significant and clinically meaningful improvement in overall survival as a first-line treatment for the condition. Treatment-related adverse events were manageable and consistent with the proposed mechanism. The stock rose 3.57% to $33.37 in after-hours trading. Burning Rock Biotech's Liquid Biopsy Assay Performs Strongly In Midstage Study Burning Rock Biotech Limited (NASDAQ: BNR) announced the publication in Nature Biotechnology of results from a FDA-led Sequencing Quality Control Phase 2 study. The data shows the liquid biopsy assay has achieved strong performance. For samples at a 25ng input, Burning Rock's assay was the most accurate assay, with roughly equivalent sensitivity but superior precision compared to other assays, the company said. Related Link: The Week Ahead In Biotech (April 11-17): Avenue Therapeutics FDA Decision and Conference Presentations In The Spotlight Lilly-Innovent Presents Positive Late-Stage Tyvyt Data In Second-Line Lung Cancer Setting Eli Lilly and Company (NYSE: LLY) and Hong Kong-based partner Innovent Biologics presented at the AACR annual meeting with results of the Phase 3 ORIENT-3 study evaluating Tyvyt versus the chemotherapy medication docetaxel as a second-line treatment for advanced or metastatic squamous non-small cell lung cancer. The presentation shows that Tyvyt demonstrated a statistically significant improvement in overall survival compared to docetaxel, meeting the pre-specified primary endpoint. The median progression-free survival as assessed by investigators was 4.3 months versus 2.79 months, and the confirmed objective response rate was 25.5% versus 2.2%, respectively. Safety was consistent with previous studies of Tyvyt and no new safety signals were identified. Tiziana to Seek Nasdaq Listing For Former Subsidiary Accustem Tiziana Life Sciences PLC (NASDAQ: TLSA) announced that its former subsidiary Accustem Sciences Limited intends to file a listing application with the Nasdaq after completion of the distribution of shares in Accustem to Tiziana shareholders. The Nasdaq listing venue is more appropriate to the nature of Accustem's business in the view of Accustem's board. The stock was trading 0.69% higher at $706.80 premarket Tuesday. Offerings Liquidia Corporation (NASDAQ: LQDA) said it has entered into a common stock purchase agreement with certain institutional, accredited investors for the private placement of 8.626 million shares of common stock at a purchase price of $2.52 per share. The private placement is expected to close Tuesday and yield gross proceeds of approximately $21.7 million. On The Radar Clinical Readouts Affimed N.V. (NASDAQ: AFMD) will present at the AACR annual meeting initial clinical data from an investigator-sponsored Phase 1 study evaluating cord blood-derived natural killercells pre-complexed with Affimed's innate cell engager AFM13. The company's shares reacted positively Friday when the company released a statement elaborating on data from the study. Auris Medical Holding Ltd. (NASDAQ: EARS) is scheduled to provide a business update on its pre-clinical asset AM-301. AM-301 is being evaluated for protection against airborne viruses and allergens. Related Link: Attention Biotech Investors: Mark Your Calendar For April PDUFA Dates See more from BenzingaClick here for options trades from BenzingaThe Week Ahead In Biotech (April 11-17): Avenue Therapeutics FDA Decision and Conference Presentations In The SpotlightThe Daily Biotech Pulse: Negative Regulatory Tidings For Provention Bio, Celcuity Soars On In-licensing Deal, 2 IPOs© 2021 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.