Why Pharma Company Amarin Shares Are Zooming Today
Portfolio Pulse from Lekha Gupta
Amarin Corp PLC (NASDAQ:AMRN) shares surged approximately 28% following the release of their preliminary Q4 FY23 results, which exceeded consensus estimates. The company expects Q4 revenue between $72 million and $74 million, against a consensus of $62.03 million, and FY23 revenue between $304 million and $306 million, compared to $294.16 million consensus. Amarin ended 2023 with about $321 million in cash and investments and a positive cash flow of around $10 million. The company also announced a share buyback program with Cantor Fitzgerald & Co. to repurchase up to $50 million in shares, expected to be completed by the end of Q2 2024. Amarin's President & CEO highlighted the company's strong cash position, debt-free status, and progress in various business areas.
January 10, 2024 | 7:24 pm
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Amarin Corp's stock price jumped following their preliminary Q4 FY23 results, which surpassed revenue expectations. The company also announced a share buyback program and emphasized its strong financial position and operational progress.
The positive earnings report and higher-than-expected revenue figures are likely to instill investor confidence and could lead to a continued short-term upward trend in AMRN's stock price. The share buyback program further supports this outlook, as it typically indicates that the company believes its stock is undervalued and is a sign of returning value to shareholders.
CONFIDENCE 90
IMPORTANCE 90
RELEVANCE 100