Amarin Shares Skyrocket On Positive Cardio Trial Results

Amarin Corporation plc (NASDAQ: AMRN) stock more than tripled Monday after its latest study results showed the company’s fish oil capsules significantly reduce the risk of cardiovascular events.

What Happened?

Amarin reported Monday that its Vascepa fish oil capsule reduced the risk of serious cardiovascular events in patients with elevated cardiovascular risk by 25 percent, hitting the primary endpoint of the REDUCE-IT study.

Vascepa generated adverse events at a rate similar to the placebo, suggesting no potential safety issues, according to the company. 

Why It’s Important

Amarin CEO John Thero said he's pleased with the latest data and sees a large market for Vascepa.

“Given Vascepa is affordably priced, orally administered and has a favorable safety profile, REDUCE-IT results could lead to a new paradigm in treatment to further reduce the significant cardiovascular risk that remains in millions of patients with LDL-C controlled by statin therapy, as studied in REDUCE-IT,” the CEO said in a press release. 

Following the news, SunTrust Robinson Humphrey reiterated its Buy rating on Amarin stock and raised the price target from $6 to $15 based on the potential market for Vascepa.

Amarin has previously said that Vascepa could ultimately have a $2-billion addressable market if its label is expanded to include patients who need additional triglyceride reduction beyond statin therapy.

What’s Next?

For now, all investor eyes will be focused on the 2018 Scientific Sessions of the American Heart Association meeting in November, where Amarin is expected to release the detailed results of the REDUCE-IT study.

Related Links:

Wells Fargo Bullish On Applied Genetic Technologies Ahead Of Program Update

The Week Ahead In Biotech: Conferences, PDUFA Dates, Clinical Trial Results And IPOs