Amarin Corporation plc (AMRN)’s Bearish Wedge Down Pattern Points to Higher Stock Risks

September 8, 2018 - By Richard Slagle

Amarin Corporation plc (NASDAQ:AMRN) Logo

Investors sentiment decreased to 1.05 in 2018 Q1. Its down 0.17, from 1.22 in 2017Q4. It dropped, as 16 investors sold Amarin Corporation plc shares while 28 reduced holdings. 15 funds opened positions while 31 raised stakes. 113.30 million shares or 2.50% more from 110.54 million shares in 2017Q4 were reported.
Ameriprise Financial reported 422,133 shares or 0% of all its holdings. Oracle Management accumulated 5.18 million shares or 3.78% of the stock. Toth Fin Advisory Corp has invested 0% in Amarin Corporation plc (NASDAQ:AMRN). Highland Cap Mngmt Limited Partnership accumulated 550,000 shares. Deutsche Bank & Trust Ag holds 0% or 1.99M shares in its portfolio. Susquehanna Gp Llp owns 2.00M shares. Moreover, Northern Tru has 0% invested in Amarin Corporation plc (NASDAQ:AMRN) for 93,737 shares. Broadfin Cap Lc, a New York-based fund reported 2.08M shares. Shine Advisory Inc holds 0% or 1,797 shares in its portfolio. Gsa Prtnrs Limited Liability Partnership holds 0.02% of its portfolio in Amarin Corporation plc (NASDAQ:AMRN) for 97,900 shares. Tekla Management stated it has 0.06% in Amarin Corporation plc (NASDAQ:AMRN). 4.00 million were reported by Rock Springs Capital Management Limited Partnership. Bank Of Montreal Can stated it has 31,000 shares. Johnson Group Incorporated invested 0% of its portfolio in Amarin Corporation plc (NASDAQ:AMRN). Health Value Capital Ltd Liability Corporation reported 450,000 shares.

Since March 31, 2018, it had 0 buys, and 2 insider sales for $159,027 activity.

The stock of Amarin Corporation plc (AMRN) formed a down wedge with $2.87 target or 9.00 % below today’s $3.15 share price. The 7 months wedge indicates high risk for the $925.90 million company. If the $2.87 price target is reached, the company will be worth $83.33M less.
Falling wedges are poor performers for bullish breakouts and are tricky moments to trade. Investors must be aware that the break even failure rate for up or down breakouts is: 11% and 15%. The average rise is 32% and the decline is 15%. The falling wedges has high throwback and pullback rate: 56%, 69% and the percent of wedges meeting target is not very high.

The stock decreased 1.25% or $0.04 during the last trading session, reaching $3.15. About 2.96M shares traded. Amarin Corporation plc (NASDAQ:AMRN) has risen 0.66% since September 8, 2017 and is uptrending. It has underperformed by 11.91% the S&P500.

Analysts await Amarin Corporation plc (NASDAQ:AMRN) to report earnings on November, 7. They expect $-0.09 earnings per share, down 125.00 % or $0.05 from last year’s $-0.04 per share. After $-0.12 actual earnings per share reported by Amarin Corporation plc for the previous quarter, Wall Street now forecasts -25.00 % EPS growth.

Amarin Corporation plc (NASDAQ:AMRN) Ratings Coverage

Among 2 analysts covering Amarin (NASDAQ:AMRN), 2 have Buy rating, 0 Sell and 0 Hold. Therefore 100% are positive. Amarin had 2 analyst reports since May 2, 2018 according to SRatingsIntel. H.C. Wainwright maintained the shares of AMRN in report on Thursday, May 3 with “Buy” rating. Cantor Fitzgerald maintained Amarin Corporation plc (NASDAQ:AMRN) on Wednesday, May 2 with “Buy” rating.

More news for Amarin Corporation plc (NASDAQ:AMRN) were recently published by: Fool.com, which released: “3 Biotech Stocks That Could Soar Next Week” on September 02, 2018. Seekingalpha.com‘s article titled: “Amarin: Buy This ~$3 Small Cap?” and published on August 28, 2018 is yet another important article.

Amarin Corporation plc, a biopharmaceutical company, focuses on the development and commercialization of therapeutics for the treatment of cardiovascular diseases in the United States. The company has market cap of $925.90 million. The companyÂ’s lead product is Vascepa, a prescription-only omega-3 fatty acid capsule, used as an adjunct to diet for reducing triglyceride levels in adult patients with severe hypertriglyceridemia. It currently has negative earnings. It is also involved in developing Vascepa for the treatment of patients with high triglyceride levels who are also on statin therapy for elevated low-density lipoprotein cholesterol levels.

Amarin Corporation plc (NASDAQ:AMRN) Institutional Positions Chart

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