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Buyers Accumulating Shares of Amarin on 1.6x Above-Average Volume (AMRN)

Published on Fri, 04/26/2013 - 13:16
By Peter Chu

Amarin shares are trading on heavy volume today, having risen 5.9% to $6.77. Approximately 5.4 million shares have changed hands today vs. average 30-day volume of 3.4 million shares. Unusually high volume can signify a potential turning point or validate a breakout.

In the past 52 weeks, shares of Amarin have traded between a low of $6.34 and a high of $15.96 and are now at $6.77, which is 7% above that low price. The 200-day and 50-day moving averages have moved 1.22% lower and 1.41% lower over the past week, respectively.

Amarin (NASDAQ:AMRN) has potential upside of 125.8% based on a current price of $6.77 and analysts' consensus price target of $15.29. The stock should find initial resistance at its 50-day moving average (MA) of $7.78 and further resistance at its 200-day MA of $10.48.

Amarin Corporation PLC is a clinical-stage biopharmaceutical company. The Company researches, develops, and commercializes drugs for the treatment of hypertriglyceridemia, central nervous system disorders, and cardiovascular diseases.

By Peter Chu
pchu@fnno.com