AMRN Stock Scaling The Nasdaq After FDA Decision

The stock could enjoy short-covering tailwinds, too

Digital Content Manager
May 29, 2019 at 9:31 AM
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Shares of the pharmaceutical concern Amarin Corporation plc (NASDAQ:AMRN) are popping, after the Food and Drug Administration (FDA) granted priority review to the drugmaker's Vascepa treatment, which reduces cardiovascular risks in patients with high cholesterol. The stock is up 5.8% at $18.00, in response. 

Since spiking just below its 13-year highs in early March, AMRN stock has cooled off some. The equity has lost roughly 19% since peaking at $23.25 on March 5, with some recent downward pressure from its 20-day and 30-day moving averages. Despite the pullback, the drugmaker has managed to find footing atop the $16-18 region, and still boasts a year-over-year gain of over 400%.

Sentiment surrounding the stock has been resoundingly positive, with all five analysts following the security calling it a "strong buy." Plus, the consensus 12-month target price of $33.20 nearly doubles last night's close at $17.01, and represents a region not seen on the charts since 2007. 

Short sellers, on the other hand, aren't so sure about the pharma stock's comeback. In the past two reporting periods, short interest rose 16.7%. The 25.58 million shares sold short represent a whopping 17.1% of the stock's available float, and would take almost four days to cover, at AMRN's average pace of trading. This could leave the door open for even more tailwinds, should some of these bearish bets begin to unwind. 

 

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