Amarin shares rise on fish-oil drug hopes
A website promoting an FDA-approved drug caused excitement in the stock. But there's no official clearance and the company said the site went live by mistake.
Drug maker Amarin (AMRN) is supposed to hear next week whether it won U.S. approval to sell a heart drug derived from fish oil. But there was heavy trading in the stock Thursday, at least in part due to a website that indicated the drug was approved by the Food and Drug Administration.The website wasn't supposed to go live and it was pulled shortly after it was discovered and passed around on Twitter. "FDA-approved and available soon," the website said. It also showed the brand name, Vascepa (the drug has been known simply as AMR101). The name is pronounced vas-EE-puh, according to the site.
The drug is aimed at treating high levels of triglycerides (a type of fat in the blood). Investors have bid up the stock this year in anticipation of an FDA approval. The agency is scheduled to make a decision July 26.
American shares of Dublin, Ireland, Amarin rose as high as $15.87 in morning trading before closing at $15.36. The stock has doubled this year.
Amarin addressed the slip in a securities filing Thursday, blaming a third party for the mishap:
On July 19, 2012, information related to AMR101, Amarin Corporation plc’s ("Amarin") lead product candidate, and its pending regulatory review with the U.S. Food and Drug Administration (“FDA”) was inadvertently published through a draft website that is under design by third parties on behalf of Amarin. The information was outdated and should not be relied upon as accurate. AMR101 review at FDA is still pending. No determinations have been made by FDA on its review of the AMR101 New Drug Application.A spokeswoman at the FDA declined to comment, citing agency policy not to talk about pending applications.
It was the second time in a week that news of a pending drug approval was released prematurely. USA Today published online, and then retracted, a story Tuesday saying that Vivus (VVUS) diet pill was approved. An official announcement was made later that evening. (See Vivus Wins US Approval to Sell New Diet Drug Qsymia.)
MORE ON MSN MONEY
DATA PROVIDERS
Copyright © 2013 Microsoft. All rights reserved.
Quotes are real-time for NASDAQ, NYSE and AMEX. See delay times for other exchanges.
Fundamental company data and historical chart data provided by Thomson Reuters (click for restrictions). Real-time quotes provided by BATS Exchange. Real-time index quotes and delayed quotes supplied by Interactive Data Real-Time Services. Fund summary, fund performance and dividend data provided by Morningstar Inc. Analyst recommendations provided by Zacks Investment Research. StockScouter data provided by Verus Analytics. IPO data provided by Hoover's Inc. Index membership data provided by SIX Financial Information.
Japanese stock price data provided by Nomura Research Institute Ltd.; quotes delayed 20 minutes. Canadian fund data provided by CANNEX Financial Exchanges Ltd.
LATEST POSTS
Try as the bears might, they couldn't break US stocks. But investors still face frothy prices and considerable headwinds.
FIDELITY VIEWPOINTS
- How to sell covered calls - Fidelity Investments
- Savvy year-end tax moves to consider now - Fidelity Investments
- Seven ways to prepare for tax changes
- Five reasons an annual review is crucial - Fidelity Investments
- Take a look at mid caps now - Fidelity Investments
- State of the sector: Health care - Fidelity Investments
VIDEO ON MSN MONEY
ABOUT
Top Stocks provides analysis about the most noteworthy stocks in the market each day, combining some of the best content from around the MSN Money site and the rest of the Web.
Contributors include professional investors and journalists affiliated with MSN Money.
Follow us on Twitter @topstocksmsn.
