Why Shares of Amarin Corporation Dropped 46.1% in May
Amarin Corporation (NASDAQ: AMRN), a biopharmaceutical company that specializes in cardiovascular therapies, saw its shares plummet 46.1% in May, according to data from S&P Global Market Intelligence. The stock closed at $2.69 a share on April 29, the last trading day of the month. It opened at $2.71 on Monday, May 2, then fell to a 52-week low of $1.11 on May 12, before rebounding a bit, closing out May at $1.45. For the year, the stock is down more than 56%.
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The company has only one marketed therapy, Vascepa (icosapent ethyl), which is designed to reduce the risk of stroke or heart attack by lowering harmful triglycerides, a type of fat in your blood. The problem for Amarin is that Vascepa now has three generic competitors compared to only one at this time last year. In the first quarter, the company reported revenue of $94.6 million, down 33% year over year, and a net loss of $31.6 million compared to a loss of $1.6 million in the same period a year ago. It also lost $0.08 in earnings per share (EPS) compared to $0.00 in EPS in the first quarter of 2021. The company also declined to give guidance for the remainder of the year.
Source Fool.com
