Amarin Corporation plc (NASDAQ: AMRN) is falling hard in the market today, but there’s no real reason for the dip. In fact, looking at the media surrounding the company shows more and more reasons to buy. Today, we’ll talk about:
- Why we believe that AMRN stock is creating an opportunity;
- what we’re seeing from the stock; and
- what we’ll be watching for ahead.
AMRN Stock Is Falling – Now May Be The Time To Buy!
As mentioned above, Amarin Corporation is having an incredibly rough day in the market today. However, there’s really no reason for the fall. Moreover, data reported today and various stories around the web say that the stock should be headed up.
In a press release issued early this morning, the company said that it presented new data from its landmark cardiovascular outcomes study of Vascepa. Vascepa is a prescription therapy that has proven to be effective in the reduction of risk of major cardiovascular events.
In the release, AMRN said that Vascepa provided a statistically significant 30% reduction in risk in total cardiovascular events compared to placebo. These results came from the statin-treated patient population within the REDUCE-IT trial.
The data was presented at a late-breaker presentation at the American College of Cardiology 68th Annual Scientific Session. The data was also published in the Journal of the American College of Cardiology.
In a statement, John F. Thero, President and CEO at AMRN, had the following to offer:
We believe that the robustly positive cardiovascular outcomes results demonstrated with Vascepa opens the door to a new era in preventative cardiovascular care which can potentially benefit millions of at-risk patients. Just as the REDUCE-IT results demonstrated that the effects of Vascepa are unprecedented in reducing cardiovascular risk in at-risk patients, as separately published, the mechanism of action of the unique small molecule, single active ingredient in Vascepa is multifactorial and differentiated from any other therapy.
The above statement was followed up by Dr. Steven Ketchum, President of R&D and CSO at AMRN. Here’s what he had to offer:
We appreciate the ACC’s designation of the new results from REDUCE-IT as late-breaking clinical data as such designation reflects ACC’s recognition of the importance of the REDUCE-IT study and these potentially paradigm-changing results. As we witnessed with our two earlier successful Phase 3 studies of Vascepa, the MARINE and ANCHOR studies, we believe clinical results from Vascepa studies are robust and consistently favorable. We look forward to witnessing how these results improve patient care and to further evaluation and publication of data pertaining to Vascepa and REDUCE-IT. We remain very thankful to everyone involved in this landmark study.
What We’re Seeing From The Stock
One of the first lessons that we learn when we start to work in the market is that the news leads to moves. When it comes to Amarin Corporation, the recent news has been overwhelmingly positive. That’s what makes today’s dip so strange.
Not only did the company release positive results, further validating their work with Vascepa, news is breaking that once-daily baby aspirin is no longer being recommended for older adults. This could open the door for Vascepa to make waves in the market.
Considering this, it’s surprising to see the declines, but we believe that they represent an opportunity. As is just about always the case, our partners at Trade Ideas were the first to alert us to the declines. Currently (12:43), AMRN is trading at $19.12 per share after a loss of $1.21 per share or 6.04% thus far today.
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What We’ll Be Watching For Ahead
Moving forward, the CNA Finance team will continue to keep a close eye on AMRN. In particular, we’re interested in following the story surrounding the comapny’s continued work to bring Vascepa to patients in need, providing value to investors in the process. Nonetheless, we’ll continue to follow the story closely and bring the news to you as it breaks!
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