Monday, February 24, 2014

$AMRN,......AMRN: Amarin fair value target cut at MKM after FDA decision

AMRN: Amarin fair value target cut at MKM after FDA decision

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Amarin fair value target cut at MKM after FDA decision • 3:16 PM
  • The FDA awarded Amarin (AMRN +3.2%) three years of marketing exclusivity that extends through July 25, 2015, but not new chemical entity status, says analyst Jon LeCroy, lowering his fair value estimate to $1.75 from $2.50.
  • He expects generic pharmaceutical companies to file Paragraph Four applications in the next several months, and for Amerin to file suit against the filers which will start a 30-month stay. "Vascepa has 40 issued and allowed U.S. patents that could protect Vascepa from generic entry to 2030, but the courts will decide whether any generic entrant would infringe on these patents."
  • He expects Amarin to challenge the FDA's decision, but nothing to come of it, and thus lowers his valuation multiple on estimated 2017 sales to 3x from 4x.
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