The stock of Amarin Corporation plc (NASDAQ:AMRN) is now priced at $6.68 and the shares are -0.11 points down or -1.62% lower compared to its previous closing price of $6.79. The stock had 4.868 million contracts set over the past session. AMRN shares’ daily volume is compared to its average trading volume at 5.665 million shares. However, it has a float of 376 million and although its performance was -2.34% over the week, it’s one to watch. It means the stock’s downside potential is -100% with the AMRN share price recently placing at $6.615 to $6.8.
The shorts are running away from the Amarin Corporation plc stock, with the latest data on short interest released on August 14, 2020, showing that short interest numbers in the AMRN shares have declined. Short interest in the stock represents just 8.1% of its float, but the volume has dropped by -2640818. The volume of shorted shares dropped to 27.808 million from 30.449 million shares over the last two weeks. The average intraday trading volume has been 6.318 million shares, which means that days to cover moved to roughly 4.401529.
In the last trading session, Amarin Corporation plc (NASDAQ:AMRN) dropped by -$0.16 over the week and gained $0.26 on its 20-day. The stock’s high in the recent session is lower when compared to its 52-week high of $26.12. The stock recorded its established 52-week high on 12/16/19.
Since 03/31/20, the stock has traded to a low of $3.95 at 69.11%, an encouraging piece of data likely to interest most investors out to exploit the stock’s recent surge. The stock has a beta allocation of 2.67. Being above 1 means that the stock’s volatility is higher than the market and traders are keenly watching it.
Looking at current readings, Amarin Corporation plc’s two-week RSI is 46.46. This suggests that the stock is neutral at the moment and that AMRN shares’ price movement remains stable. The stochastic readings are equally revealing at 33.72% meaning the AMRN share price is currently in neutral territory.
The technical chart shows that the AMRN stock will likely settle at between $6.78 and $6.88 per share. However, if the stock dips below $6.6, then its market would become much weaker. Any downside could see the stock price sliding to levels as low as $6.51.
Currently, the stock is trading in the red of MACD, with a reading of -0.05. Investors always pay attention to any move above or below the zero-line, mainly because the indicator points to the position of the stock’s short-term average relative to its long-term measure. A MACD -a reading above the zero line means that the short-term is above the long-term average. This scenario implies that there is an upward momentum. The opposite is true when the MACD falls below the zero-line.
Analysts at Maxim Group assigned AMRN a rating of Outperform in their intiating review released on May 05. Oppenheimer analysts upgraded their recommendation of the stock from Underperform to Perform in a flash note released to investors on March 31. Jefferies seeing the stock struggling downgraded it from Buy to Hold on March 31 placing it at $30 to $4.
The average rating for the AMRN equity is 2.18 and is currently gathering a bullish momentum. Of 12 analysts tracking Amarin Corporation plc polled by Reuters, 4 rated AMRN as a hold. The remaining 8 analysts were split evenly. However, the split wasn’t equal as a majority (8) rated it as a buy or strong buy. 0 analyst advised investors against buying the stock or to sell if they own any of the stock.
Elsewhere, the AMRN stock price is 14.37X ahead of its 12-month Consensus earnings per share estimates.
Zacks Consensus Estimate forecasts that the current-quarter revenues for Amarin Corporation plc (NASDAQ:AMRN) will decrease by about -99.89%, which will see them reach $155 million. The company’s full-year revenues are, however, expected to increase by about 43.93%, up from $430 million to $619 million. AMRN’s expected adjusted earnings should drop almost -100% to end up at $0 per share, while for the fiscal year, analysts project the company’s earnings to drop by about -71.43% to record -$0.02/share.