Amarin Corporation (Nasdaq: AMRN) shares were down by over fifteen percent during premarket trading on Tuesday morning after an early-hours press release informed investors that the FDA is standing firm and will not re-instate the ANCHOR SPA agreement for Vascepa. As discussed last week in a Seeking Alpha piece, the FDA had missed its original announcement date, but the quick turnaround is an indication that FDA officials were merely digging through the backlog of work that piled up during holiday routine when Washington essentially shuts down for two or three weeks. A conference call is scheduled for 8 AM Monday as the company is likely to lay out further plans for appeal. The call will most likely be geared to reassuring investors who may decide to bail out after another round of negative news. Any shorts still looking to cover after last year's fall will be able to do so a bit more easily now - and at lower prices - barring any unexpected news, such as a sale of Amarin to another company for 'Crazy Eddie' prices.
Look out for today's 8 AM conference call as the company looks to reassure investors, as best as it can.