Amarin Corporation (NASDAQ:AMRN) will be attracting its share of attention this week.
The company started making headlines about mid-week last week when volume started coming in strong, igniting a price run that culminated in an 18% spike on Friday. Volume remained strong as well, with the 18% rise being accompanied by five times the daily trading norm.
No news has been released to support such a price spike, but the message boards and media outlets have been rolling with chatter that the ongoing patent issues with the US Patent and Trademark Office (USPTO) may be nearing a resolution, an event that - if true - could be a precursor to the company landing a major partner for AMR-101, a treatment for high triglycerides that is currently before the FDA for approval review.
Shares of AMRN flew to nearly twenty bucks last year after announcing positive Phase III trial results for AMR-101, indicating the perceived blockbuster potential of the product on the open market, so it's expected that a patent resolution that favors Amarin could lead to another price run, especially if the buyout hype is reinvigorated.
Amarin call options went crazy last week, too, with a very significant amount of contracts trading just before the exiration date for the month.
Nearly forty million AMRN shares traded hands during the last three trading days of last week, more than the whole month of March combined up to that point, so AMRN is going to be on of the better stocks to watch during the coming week.
All the recent activity has investors smelling news.
Disclosure: No position.