Amarin (AMRN) shares gained 14% today to reach an intraday high of $1.82 following positive comments by TheStreet’s Adam Feuerstein and ahead of earnings next week August 7, after the closing bell.
In an article in TheStreet.com Thursday, Feuerstein said he believes that if Amarin’s appeal to John Jenkins, head of the FDA’s Office of New Drugs, “requesting a reversal of the agency’s revocation of the Special Protocol Assessment (SPA) covering the phase III “ANCHOR” study of its prescription fish-oil pill Vascepa” is rejected ; it will sting but the damage in terms of Amarin’s price-per-share has already been done with the prior appeal rejections.
What Feuerstein is suggesting here is that the stock’s downside would be minimal considering AMRN’s 67% deterioration in the last 52 weeks. Amarin shares reached an all-time high of $7.40 in September 6, 2013, before slipping nearly 83 percent to trade at $1.28 on May 22, 2014.
Feuerstein also said that while the likelihood of Jenkins re-instating the ANCHOR SPA is not high, it’s not zero either.
In terms of when will Amarin hear back from FDA’s top official, Feuerstein said he doesn’t know. However, he mentioned the fact the back in June, Amarin CEO John Thero told investors attending a conference to expect a decision in the “early August timeframe but potentially in late July.”