Amarin "reduce"

12/23/05 - Goodbody Stockbrokers

LONDON, December 23 (newratings.com) - Analyst Ian Hunter of Goodbody Stockbrokers maintains his "reduce" rating on Amarin (AMRN), while reducing his estimates for the company.

In a research note published this morning, the analyst mentions that the company yesterday announced the successful completion of the placement of 26.1million American Depositary Shares (ADS) at $1.01 per share, a 10% discount to the volume-weighted average price of its ADS over the past ten days. The capital raise is expected to keep Amarin in positive net cash position during 2006 and 2007, Goodbody Stockbrokers says. The EPS estimates for FY06 and FY07 have been raised from -$0.33 to -$0.22 and from -$0.24 to -$0.16, respectively.