AMRN: Amarin Corp continues to fly higher as the company continues to produce positive headlines weeks after announcing positive Phase III MARINE results for AMR101, a treatment for high triglycerides.
Shortly after making that announcement, it became known that another ongoing Phase III trial for AMR101, this one titled ANCHOR, will also come to an end earlier than expected, with results expected in the second quarter.
Since the new year rolled in, the positive developments for Amarin have continued.
The company raised $100 million in a recent stock offering that had major buyers seemingly salivating to pick up shares of AMRN, and the over-allotment option of the offering was fully utilized - an indication of just how much interest in Amarin exists in the current environment.
Amarin's CEO, Joe Zakrzewski, also announced recently that the company will be taking on a financial advisor to sift through the various strategic options that have become available as a result of all the positive recent developments. According to Mr. Zakrzewski, Amarin has more companies interested in its assets than employees of record. The company has 17 employees, so even if Big Joe is exaggerating just a little bit, it sounds like there's major interest in Amarin as a target for either a major partnership or acquisition, just as many investors have speculated since the announcement of the positive trial last year.
Although stalling during Wednesday's trading, AMRN has been trading to the uptick over the past few trading sessions and will undoubtedly be one of the more talked about biotech stocks for 2011. Any fairly significant pullbacks should be considered as a prime time to accumulate or re-load on some shares, as the long term potential of AMRN looks pretty sweet right about now.
At some point we'll be hearing about the strategic options that Big Joe mentioned, but in the meantime, there's always the ANCHOR results to look forward to.
Disclosure: No position.
Originally posted on Wednesday at VFC's NEW Stock House.