Jefferies still expects Amarin shares to rise toward $30

Following the data presented at the American Heart Association and last week's successful FDA panel vote, there are three-to-four potential drivers for Amarin shares over the next few months, Jefferies analyst Michael Yee tells investors in a research note. These include the formal label expansion for Vascepa by December 28, developments on the intellectual property front, sales trajectory for Q4 and/or 2020 guidance, and continued potential for acquisition "optionality," Yee tells investors in a research note. He says that while some investors do not like the risk/reward debate on the December 28 potential FDA approval and label wording, he's not too concerned about the exact wording. Based on commentary by the FDA at the end of the panel, Yee thinks the agency "might be broader on the label than some investors expect." The analyst still expects Amarin to rise toward $30 per share based on these catalysts. He keeps a Buy rating on the name with a $30 price target. The stock closed Monday down $1.42 to $22.60.