Amarin weakness may be due to hiring worries, Citizen's Petition, says Jefferies
Jefferies analyst Michael Yee noted that Amarin shares have been weak today and he said that investors he has spoke with have discussed the company's plans to double its salesforce near-term, which would increase operating expenses and the use of cash. Yee said he is also aware that there was a Citizen's Petition filed today by a group seeking to invalidate the company's '146 manufacturing patent, challenging the concept of producing pure EPA from crude fish oil. However, he said that a Citizen Petitions to invalidate a patent would seem challenging, as he thinks the more appropriate medium would be a formal court process or an IPR challenge. The petition "sounds noisy," added Yee, who has a Buy rating on Amarin shares.