Amarin Co. plc (NASDAQ:AMRN) Sees Significant Decrease in Short Interest

Amarin Co. plc (NASDAQ:AMRN) saw a large drop in short interest in the month of March. As of March 15th, there was short interest totalling 10,840,000 shares, a drop of 35.4% from the February 28th total of 16,790,000 shares. Currently, 2.7% of the shares of the stock are sold short. Based on an average daily volume of 1,580,000 shares, the days-to-cover ratio is currently 6.9 days.

Analysts Set New Price Targets

Separately, StockNews.com assumed coverage on shares of Amarin in a research report on Sunday, March 23rd. They issued a “sell” rating on the stock.

Amarin Stock Performance

Shares of NASDAQ:AMRN opened at $0.44 on Friday. The stock has a market capitalization of $180.78 million, a price-to-earnings ratio of -4.89 and a beta of 1.82. Amarin has a 1-year low of $0.35 and a 1-year high of $1.11. The company has a 50 day moving average price of $0.53 and a 200 day moving average price of $0.54.

Amarin shares are scheduled to reverse split on the morning of Friday, April 11th. The 1-20 reverse split was announced on Wednesday, March 12th. The number of shares owned by shareholders will be adjusted after the closing bell on Thursday, April 10th.

Amarin (NASDAQ:AMRN) last announced its earnings results on Wednesday, March 12th. The biopharmaceutical company reported ($0.12) EPS for the quarter, missing the consensus estimate of ($0.06) by ($0.06). Amarin had a negative return on equity of 7.22% and a negative net margin of 16.33%. The firm had revenue of $62.31 million during the quarter, compared to analyst estimates of $32.37 million. On average, sell-side analysts expect that Amarin will post -0.15 EPS for the current fiscal year.

Hedge Funds Weigh In On Amarin

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. New York State Common Retirement Fund acquired a new position in shares of Amarin in the 4th quarter valued at about $68,000. Waterfront Wealth Inc. increased its stake in Amarin by 181.4% in the 4th quarter. Waterfront Wealth Inc. now owns 2,481,766 shares of the biopharmaceutical company’s stock valued at $1,204,000 after buying an additional 1,599,956 shares during the period. BNP Paribas Financial Markets lifted its position in Amarin by 8.8% in the 3rd quarter. BNP Paribas Financial Markets now owns 1,301,468 shares of the biopharmaceutical company’s stock worth $816,000 after buying an additional 104,939 shares in the last quarter. Arkfeld Wealth Strategies L.L.C. boosted its stake in shares of Amarin by 52.6% during the 4th quarter. Arkfeld Wealth Strategies L.L.C. now owns 58,000 shares of the biopharmaceutical company’s stock valued at $30,000 after buying an additional 20,000 shares during the period. Finally, LCM Capital Management Inc grew its holdings in shares of Amarin by 3.1% during the 4th quarter. LCM Capital Management Inc now owns 838,259 shares of the biopharmaceutical company’s stock valued at $407,000 after acquiring an additional 25,100 shares in the last quarter. 22.25% of the stock is currently owned by hedge funds and other institutional investors.

About Amarin

Amarin Corporation plc, a pharmaceutical company, engages in the development and commercialization of therapeutics for the treatment of cardiovascular diseases in the United States, European countries, Canada, Lebanon, and the United Arab Emirates. The company offers VASCEPA, a prescription-only omega-3 fatty acid product, used as an adjunct to diet for reducing triglyceride levels in adult patients with severe hypertriglyceridemia.