Stifel analyst Derek Archila lowered the firm’s price target on Amarin to $8 from $24 and keeps a Hold rating on the shares. The stock in premarket trading is down 63%, or $8.60, to $4.98. The negative intellectual property ruling last night is a “serious blow” for Amarin, Archila tells investors in a research note. The analyst would not be buying the shares here given the uncertainty the decision has created around the future of Vascepa sales and, “more importantly,” Amarin’s near-to-medium term cash runway. Archila expects the company’s cash burn needs to be “dramatically cut” ahead of a possible generic entry. Looking forward, it is prudent to assume the ruling stands, meaningful cost cuts will be needed and Vascepa is likely to retain “only modest share in a limited generic market,” contends Archila.