Aegis Capital Reiterates Buy Rating, $35 PT on Amarin Corporation on 4Q, FY2012 Financial Results

In a report published Friday, Aegis Capital reiterated its Buy rating and $35.00 price target on Amarin Corporation AMRN. Aegis Capital noted, “Yesterday afternoon, Amarin released 4Q and FY2012 financial results. The firm reported a net loss of $0.07 per share for 4Q 2012 and a net loss of $1.24 per share for FY 2012, vs. our estimate of a net loss of $0.30 per share for 4Q 2012 and a net loss of $1.51 per share for the full year. The improved bottom line was driven primarily by a higher-than-expected gain on change in fair value of derivative liability. In 2013, we anticipate Amarin to report a net loss of approximately $155mm, with the SG&A spend increasing substantially in the second half of the year associated primarily with promotional activities related to Vascepa, the firm's lead drug. In anticipation of the approval of the drug for use in mixed dyslipidemia late in 2013, we are reiterating our Buy rating and $35.00 price target on Amarin shares.” Amarin Corporation closed on Thursday at $8.09.