Bleakley Financial Cuts Amarin Stake by 95% Amid Market Shifts

Bleakley Financial Group LLC has significantly reduced its stake in Amarin Corporation PLC, trimming its holdings by a staggering 95.0% during the second quarter of 2023. According to the company’s latest Form 13F filing with the Securities and Exchange Commission, Bleakley now holds 23,471 shares of the biopharmaceutical firm after offloading 445,377 shares during the period. This reduced stake is valued at approximately $381,000, making up about 0.11% of Amarin’s total shares.

Other institutional investors have also made notable adjustments to their holdings in Amarin. For instance, Banque Cantonale Vaudoise acquired a new stake valued at $25,000 in the first quarter. Kornitzer Capital Management Inc. increased its stake by 4.0%, bringing its total to 88,200 shares worth $40,000. Meanwhile, Stonepine Capital Management LLC expanded its holdings by an impressive 470.3%, now owning 651,614 shares valued at $293,000.

Additionally, LCM Capital Management Inc. raised its stake by 2.4%, owning 858,259 shares worth $385,000. Notably, Jones Financial Companies Lllp dramatically increased its position by 449,522.1%, now holding 1,811,977 shares valued at $815,000. Collectively, hedge funds and institutional investors own approximately 22.25% of Amarin’s stock.

Amarin’s Market Performance and Analyst Ratings

As of the latest trading session, Amarin’s shares opened at $19.72. The company has experienced a volatile year, with a fifty-two week low of $7.08 and a high of $20.90. Its current market capitalization stands at $407.81 million, accompanied by a price-to-earnings ratio of -5.37 and a beta of 0.62.

Recent reports from several brokerages indicate varying perspectives on Amarin’s stock. On August 2, 2023, Wall Street Zen upgraded its rating from “hold” to “buy.” Similarly, Zacks Research elevated its rating from “hold” to “strong-buy” on October 20, 2023. In contrast, Weiss Ratings maintained a “sell (d-)” rating. In total, one analyst has given the stock a “strong buy” rating, while two have issued sell ratings. According to MarketBeat.com, the stock has an average rating of “hold” with a consensus price target of $12.00.

About Amarin Corporation

Amarin Corporation plc is a pharmaceutical company focused on the development and commercialization of therapeutics aimed at treating cardiovascular diseases. Its primary product, VASCEPA, is a prescription omega-3 fatty acid used to reduce triglyceride levels in adult patients with severe hypertriglyceridemia. Amarin operates in multiple markets, including the United States, several European countries, Canada, Lebanon, and the United Arab Emirates.

As the market evolves, the adjustments in institutional holdings reflect broader trends and investor sentiment regarding Amarin’s prospects. Investors and market watchers will be keen to see how these changes impact the company’s future performance.