Amarin panel not due to negative found by FDA, says Cantor Fitzgerald
The panel meeting for Amarin's Vascepa is not being held because the FDA found something negative in its review, Cantor Fitzgerald analyst Louise Chen tells investors in a research note. Rather, the analyst thinks the FDA may be hosting an AdCom for Vascepa "because the drug will be used in a very large patient population." Further, Amarin has been preparing, and continues to prepare, for the panel, Chen contends. In addition, she cautions against reading the tea leaves on the FDA's assignment and cancellation of AdCom meetings based on some historical examples. The analyst reiterates an Overweight rating on Amarin with a $35 price target. Chen still thinks the peak sales potential of Vascepa is underappreciated at current share levels. The stock closed yesterday up 53c to $14.82.