Pharmaceutical company Amarin Corporation (AMRN) impressed investors by yielding an amazing 239.4% return in 2018, and its 2019 has started with a bang as well.
Amarin stock has surged ~34.8% month-to-date as of its closing price on January 10. Most of these gains came on January 10, when its stock soared 22.1% in a single day.
Key positive factors
On January 9, Amarin participated in the 37th Annual J.P. Morgan Healthcare Conference in San Francisco. At this conference, Amarin’s president and CEO, John F. Thero, showcased optimism about the growth potential of Vascepa. He said, “Think of this as somewhat analogous today to where statins were 25 years ago. And statins grew to over $30bn in revenues before going generic.” These optimistic comments could be the main reason why the company’s stock surged over 22% yesterday.
Last week, Amarin said that it expects its 2018 revenue to be between $224 million and $228 million, up ~24%–26% YoY (year-over-year) and higher than analysts’ consensus estimate of $220.6 million. The company provided an estimated range of $72 million–$76 million for its fourth-quarter revenue compared to analysts’ estimate of $68.7 million. According to its 2019 guidance, Amarin expects its full-year revenue to rise over 50% YoY.
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