Home / Market News / Amarin shares rise in premarket trading on FDA adcom vote for new label

Amarin shares rise in premarket trading on FDA adcom vote for new label

Shares of Amarin Corp. are up about 6% in premarket trading after a U.S. Food and Drug Administration advisory committee on Thursday voted 16-0 in favor of a broader label for the company’s prescription fish oil-derived pill. The FDA is expected to decide on the new label by Dec. 28. If approved, Vascepa would be marketed as a treatment to lower the risk of cardiovascular events, like heart attacks or strokes. This label expansion would also likely expand the size of the patient population from 4 million to more than 40 million, according to Maxim Group analyst Jason McCarthy. “In our view, the market has the potential to be statin-like in size,” he wrote in a note Friday. Stifel estimates $3 billion peak sales of Vascepa. Shares of Matinas BioPharma Holdings , which is developing a similar drug to Vascepa, also rose in premarket market trading, up 14%. Amarin stock has jumped 57.9% year-to-date, while the S&P 500 is up 23%.
Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.

Read Full Story