Amarin (AMRN) stocks recently got a big helping hand from two stock rating agencies. Within the past month, analysts at two separate companies have recently upgraded their ratings for the stock and increased their target price with the most recent happening early today. As a result, the Amarin (AMRN) stocks have climbed nearly 30% so far (11:40 3.12.2015) and look like they will continue the powerful uptrend. Today, we'll talk about the two analyst upgrades, how the upgrades have affected the stock so far, and what we can expect to see throughout the rest of the week.
February 18th, SunTrust Bank Upgrades Amarin (NASDAQ:AMRN) To "Buy"
On February 18th, news broke that SunTrust Bank upgraded their rating of Amarin (AMRN) from "Neutral" to "buy". Upon the upgrade, SunTrust Bank analysts changed their price target to $6; insinuating expected growth around 500%. The reason for this upgrade revolved around a licensing agreement for the company's drug Vescepa's manufacturing and distribution in China. As a result, stocks soared 48% over an incredibly short period of time; generating enough momentum to get the needle moving in the positive direction on a long term basis!
HC Wainwright Upgraded Amarin (AMRN) To "Buy" Today
In more recent news, Andrew Fein, an analyst at a HC Wainwright (A very respected firm) announced this morning that he has upgraded Amarin(AMRN) from a "Neutral" rating to a "Buy" rating as well; increasing their target price for the stock to $10 per share. This news follows developments about a week ago telling us that Amarin (AMRN) raised nearly $53 million in a restricted private stock placement. This move alone greatly increases the value of the company's shares.
Other Analysts Talking About Amarin (AMRN)
While the two upgrades are the ones that have gotten the most attention recently, they're not the only upgrades we've seen from analysts with regard to Amarin (AMRN). As a matter of fact, since early February, several well respected, but not heavily publicized analysts have made similar moves. While the rating upgrades continue to roll in, overall Amarin (AMRN) stock's grade is currently a "Hold" (which seems to be changing quickly). The average target price among analysts for Amarin (AMRN) is about $5 per share; insinuating upward growth of around 100%.
Is It Too Late To Get In?
Once profits start to roll in from trades, more and more traders want to jump in and get their hands on a piece of the pie. The good news is that it's nowhere near too late to get in on the action. With the recent developments from the company being so positive and analysts overall starting to change their ratings for the better, I don't see much downward risk in this particular case. However, it's always best to do your own research and form your own opinion, and I'd like to hear yours!
What Do You Think?
Do you think Amarin (AMRN) stocks are going to continue the explosive momentum we're seeing throughout the rest of the week? Let us know in the comments below!
This post was originally featured on CNA Finance.
Disclosure: The author has no positions in any stocks mentioned, and no plans to initiate any positions within the next 72 hours.