Amarin panel vote 'puts to rest' long-standing bear concern, says Cantor

Cantor Fitzgerald analyst Louise Chen expects shares of Amarin to trade higher after an FDA panel yesterday unanimously agreed in a 16-0 vote to support a cardiovascular risk-reduction indication for Vascepa. There were "few-to-no" surprises brought up during the meeting, and Vascepa is "well on-track now" for expected approval by year-end, Chen tells investors in a research note. The analyst says investors she spoke with were positive on the outcome of the meeting. Although some panel members believe mineral oil may have affected results somewhat, they agreed that the REDUCE-IT data are meaningful enough to warrant approval, Chen points out. "This puts to rest a long-standing concern we have heard from the bears," she adds. The analyst reaffirms an Overweight rating on Amarin with a $35 price target. The stock halted yesterday morning at $21.49.