STAT Plus: ‘Pharma doesn’t like fish oil’: Wall Street funds sold Amarin after big win with heart drug
Wall Street fund managers lightened their stock positions in Amarin (AMRN) during the fourth quarter — an unexpected downshift in sentiment that suggests some doubt about the company’s ability to transform its fish-oil derived heart drug into a commercial blockbuster.
The last three months of 2019 were good for Amarin, topped in December with a Food and Drug Administration decision to expand the approval of Vascepa. Amarin is now allowed to say the drug prevents heart attacks, strokes, and related health problems in people who are at high cardiovascular risk. The company believes Vascepa could now be prescribed to millions of Americans, leading to billions of dollars in new revenue.
