Dallas, Texas 10/11/2013 (Financialstrend) – As reported earlier Ireland based Amarin Corporation plc (ADR) (NASDAQ:AMRN) had reported that FDA had confirmed that the scheduled meeting of the board on October 16 will go ahead as scheduled. There was uncertainty around the meeting going ahead in the light of the Government shut down from October 1 due to the logjam among the politicians around the Federal Budget for FY 2014. The October 16 meeting is expected to evaluate the clinical trial results for AMRN lead drug Vascepa.
In the light of this news the stock had appreciated by 3.5% over a 4 day period to hit $7.2 per share on October 7. Since then the stock has plummeted 13% to be trading at $6.37 as of close of business on October 10.
On October 9, Amarin Corporation plc announced that it will be hosting a conference call to announce U.S. Food and Drug Administration (FDA) committee’s verdict on its supplemental New Drug Application on October 16. Amarin had filed an amended application seeking a go ahead from FDA to leverage its target drug Vascepa. The drug maker is working on a treatment for adults suffering from high triglycerdes which will include administering Vascepa to the patients in a capsule format.
At close of business on October 10, the drug manufactuers stock was trading at $6.37 per share up 1.11% from its previous day close. The largely development stage company had a market cap of $959 million. In a trailing 12 months time span, the drug maker has notched up total loss of $138 million. In the same period, the firm had recorded sales of $7.8 million. In the same period, the stock has lost 48% of its market valuation. Investors of this drug maker would be hoping that the October 16 meeting will bear good news which will drive up the value of the stock.