Goldman downgrades Amarin, cuts target to $4 from $27 after patent ruling

Goldman Sachs analyst Paul Choi downgraded Amarin (AMRN) to Neutral from Buy with a price target of $4, down from $27. The U.S. District Court for Nevada last night issued a ruling in favor of the generic manufacturers in the patent trial between Amarin and Dr. Reddy's (RDY) / Hikma Pharmaceuticals (HKMPF), Choi tells investors in a research note. As Amarin management considers various options, the near-term stock performance will be limited, pending clarity on FDA approval of the new drug filings, a future circuit court appeals decision, and how quickly and effectively the company monetizes the opportunity for Vascepa in international markets, Choi contends.