Amarin selloff on court decision 'extreme overreaction,' says Northland

Northland analyst Carl Byrnes recommends using today's selloff in shares of Amarin as a buying opportunity. The response to the Supreme Court's decision not to hear an appeal on Vascepa patents related to treating hypertriglyceridemia is an "extreme overreaction," Byrnes tells investors in a research note. The Supreme Court rarely hears patent appeals, and Amarin's patents covering Vascepa's expanded label for reducing persistent cardiovascular risk remain intact and fully enforceable, says the analyst. Byrnes notes that the expanded label represents around 90% of total prescriptions. He keeps an Outperform rating on Amarin with a $15 price target. The stock in morning trading is down 11% to $4.41.