Citi analyst Joel Beatty doubled the firm’s price target on Amarin to $12 from $6 and keeps a Buy rating on the shares. The stock closed Thursday down 65c to $7.61. Beatty sees a “relatively high likelihood” of share upside from a European partnership in the second half of 2020, and also believes competitors are unlikely to launch a generic version of Vascepa before the appeal decision expected by the end of the year. While acknowledging a high risk to the stock from the appeal decision, he believes his 20%-40% probability of success on appeal for Amarin still provides a “favorable enough risk/reward” to buy the stock at the current price. Shares of Amarin are worth $24 on an appeal win, and $7 on a loss, Beatty tells investors in a research note.
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