Jefferies boosts Amarin target to $6 after speaking with patent lawyer

Jefferies analyst Michael Yee raised the firm's price target on Amarin to $6 from $4 and keeps a Hold rating on the shares after hosting a call with a patent lawyer. The stock closed Wednesday up 24.5%, or 98c, to $4.98 as headlines from the call hit news services. Per a patent lawyer expert, there was a potential procedural error in the Vascepa patent ruling, Yee tells investors in a research note. As such, the lawyer believes Amarin has around a 50% chance of winning an appeal and a good likelihood of a preliminary injunction in a few weeks, adds the analyst. However, Yee points out an appeal could take 12 months and won't be expedited. A "call option" on an appeal win makes Amarin shares "interesting," but it will take time to next year's ruling, concludes Yee.