What is the support level for Amarin Corporation plc (AMRN)?

The biotechnology company Amarin Corporation plc (NASDAQ: AMRN) has recently announced strategies to extend its presence in Europe with a product that aims to prevent cardiovascular diseases.

The Vazkepa brand is set to debut in Europe in 2021 as Amarin’s flagship treatment, Vascepa. A positive recommendation was given to the drug in January by the EMA Committee on Medicines for Human Health (CHMP) to prevent cardiovascular disease. Each country within the European Union needs to conclude cost recovery agreements with Amarin.

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In the first phase, Vascepa / Vazkepa will debut in Germany, the most affluent country in Europe with a high older population. The European market could be twice as large as the US market for the company if it is entered. Vascepa will also begin being marketed in Asia later this year with approval for sale in China and Hong Kong.

Amarin Corporation plc (AMRN)posted fourth-quarter results that were slightly better than Wall Street’s estimates on Thursday, Feb. 25. During the past period, revenues totaled $ 167.3 million, up 17 % year-over-year. A GAAP net income of $ 5 million, or $ 0.01 per share, was recorded during the fourth quarter. GAAP earnings in the first quarter last year were $ 7.1 million or $ 0.02 per share. Amarin posted adjusted fourth-quarter earnings of $ 16.4 million, or $ 0.04 per share. It turned out to be higher than last year.

In the past year, AMRN stock dropped by more than 70%. There are several reasons for this, but the main reason is that Vascepa lost the Vascepa patent lawsuit, which allowed brand-name generics to become available. One generic drug was released in November in the United States. However, it is approved only for supplementation of an extremely high-triglyceride diet for adults.

Amarin believes Vascepa is merely a small fraction of the overall market. In addition to this, insurers and patients alike have commented that Vascepa is cheaper on the Amarin brand than the generic version. By retaining its core markets, Amarin can maintain its market share. Consequently, the United States’ commitment as the primary target audience and entering the markets of other countries where there is a strong heart disease prevention demand means the company intends to remain in the United States.

Ammarin Corporation plc (AMRN) began its trading day at $6.74, recording an intraday high of $7.08. Friday’s trading session also saw a low of $6.72. Amarin Corporation plc has a high trading volume that averaged more than 17.21% of the average daily trading volume. A total of 6.41 million shares were traded on Friday, which is more than 17.21% of the average daily trading volume of 6.41 million.


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