Hapoalim Tripling Target On Amarin (AMRN)

Hapoalim Securities is out with a research report on Amarin Corporation plc (ADR) AMRN, and has tripled its price target and is reiterating its Buy rating on shares. It moved its target to $12, up from $4. In a note sent to clients, Hapoalim writes, "Amarin reported positive top-line results from the AMR101, MARINE study and now expects to file AMR101 with the FDA in 2011. 4g of AMR101 showed a significant median triglyceride (TG) decrease of 33 % (p < 0.0001) versus placebo, and 2g of AMR101 showed a significant median TG decrease of 20 % (p = 0.0051) versus placebo. AMR101 did not result in an increase in median LDL-C compared to placebo at either dose. As a result of the positive MARINE results, we are increasing our Price Target for Amarin from $4 to $12. We reiterate our BUY rating." Shares of AMRN are up $2.19 to $5.74, a gain of 61.7%.