AMRN

[pompano]

AMRN is looking good, I think it may break more multiyear highs soon.  The volume pattern accompanying this lastest spike is different, the volume looks for real this time around, not to mention 2 sessions ago AMRN experienced its highest volume ever. 

[labatts6254]

paddypaws,

Can you please post the URL for this news article?

Cheers,

[paddypaws]

http://www.newratings.com/analyst_news/article_1515676.html

[kslifka]

I hope you guys are out of AMRN.   

Thankfully I never bought...even though the chart looked good.

News today will kill AMRN for a while.

Amarin Reports Top-Line Results of two Phase III Studies of Miraxion in Huntington's Disease
Tuesday April 24, 8:59 am ET
Conference Call Begins Today at 11:00 a.m. Eastern Time

LONDON, April 24 /PRNewswire-FirstCall/ -- Amarin Corporation plc (NASDAQ: AMRN - News; "Amarin" or the "Company") today announces top-line results from its two Phase III clinical trials of Miraxion to treat Huntington's disease (HD). The Company conducted two Phase III double-blind, placebo-controlled studies in which HD patients were randomized to receive either placebo or 2 grams (1 gram twice daily) of Miraxion daily for six months. Study data showed no statistically significant difference in either study between Miraxion and placebo with regard to the primary and secondary endpoints.

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These top-line findings are inconsistent with earlier clinical trial data that showed statistical significance in a subset of HD patients with a CAG repeat length of less than or equal to 44.

The primary endpoint of the trials was a change in the Total Motor Score 4 (TMS-4) component of the Unified Huntington's Disease Rating Scale (UHDRS). TMS-4 has been shown to be a sensitive measure of movement disorder in patients with HD. In addition, secondary endpoints included cognition and Total Functional Capacity outcomes. Miraxion was found to be safe and well-tolerated by patients.

Commenting on today's announcement, Rick Stewart, Chief Executive Officer of Amarin, said, "We are extremely surprised and disappointed by these top-line results, and we are analyzing the data in order to better understand the full and complete data set and outcomes. We are particularly disappointed that, at this time, we are not in a position to bring any positive news to those patients who are suffering from this devastating disease and to the broader HD community."

"Despite this setback with Miraxion to treat HD, we remain committed to developing Amarin's substantial central nervous system (CNS) development pipeline." commented Mr. Stewart. "We continue to evaluate the potential of Miraxion in treating CNS disorders and specifically our next steps with respect to the HD trials. We also intend to progress the development of our novel, oral formulation of apomorphine to treat the 'off' episodes in advanced Parkinson's disease patients, our recently in-licensed nasal formulation of lorazepam for the out-patient treatment of emergency seizures in epilepsy patients and our proprietary combinatorial lipid pre-clinical program in CNS disorders and other indications." concluded Mr Stewart.

Thomas Lynch, Amarin's Chairman, added "Our commitment to neurology research and product development remains steadfast and we will continue to pursue other in-licensing opportunities while we advance our broad pipeline of products to treat CNS disorders. Amarin has in place an experienced and committed management team and a strong financial position with approximately $29 million in cash at the end of March 2007."

The first study, TREND-HD, was conducted in 42 sites in the U.S. and Canada by the Huntington Study Group (HSG) based at the University of Rochester Medical School in Rochester, N.Y. This study, led by Principal Investigator Prof. Ira Shoulson, enrolled 316 patients with HD. The TREND-EU Phase III study was conducted in 27 sites in six countries across Europe and was conducted in conjunction with the European HD Network. This study was led by Principal Investigator Prof. Bernhard Landwehrmeyer, and enrolled 290 patients with HD.

These trials were developed under a Special Protocol Assessment (SPA) agreed with the U.S. Food and Drug Administration (FDA) and Miraxion for HD has Fast Track designation by the FDA and Orphan Drug designation in both the U.S. and in Europe.

[labatts6254]

Thankfully I was on the sidelines as well; it is trading at 0.74 (down -80.11%) as of now.

Cheers,

[Ares]

I got in AMRN on april 24, 2007 at 0.73 for a short term play.

It looks like it had an extreme exuberance in reaction to the news (which coincidentally , opened near the lowest linear regression line).

It looked like a lot of automatic market sell order stop losses were triggered by the gap down.

I was expecting time and sales to be mainly red, and for price to go down at least 20% to get in with a dead cat bounce, but it had blocks of green instead.

I got in because the price had a positive open signal and green blocks were coming in.

I was tempted to exit my position at 0.85 but decided against it and held overnight (since it looked strong).

AMRN went up at least 20% above the open and closed near the high of the day.

The price is currently at the lowest line of the linear regression and RSI(2) is below 20.

It would be nice if AMRN would have a "morning star" tommorow.

The news as far as I'm concerned is a set back and NOT a fatal one like bancruptcy or shut down.

"Despite this setback with Miraxion to treat HD, we remain committed to developing Amarin's substantial central nervous system (CNS) development pipeline." commented Mr. Stewart. "We continue to evaluate the potential of Miraxion in treating CNS disorders and specifically our next steps with respect to the HD trials. We also intend to progress the development of our novel, oral formulation of apomorphine to treat the 'off' episodes in advanced Parkinson's disease patients, our recently in-licensed nasal formulation of lorazepam for the out-patient treatment of emergency seizures in epilepsy patients and our proprietary combinatorial lipid pre-clinical program in CNS disorders and other indications." concluded Mr Stewart.

Thomas Lynch, Amarin's Chairman, added "Our commitment to neurology research and product development remains steadfast and we will continue to pursue other in-licensing opportunities while we advance our broad pipeline of products to treat CNS disorders. Amarin has in place an experienced and committed management team and a strong financial position with approximately $29 million in cash at the end of March 2007."

[Ares]

AMRN had a higher high and a higher low and also pushed the stochastics closer to below 20 which is an oversold condition.

[DragonAMG]

AMRN had a higher high and a higher low and also pushed the stochastics closer to below 20 which is an oversold condition.

I agree.  It appears to be oversold and this is only a setback.  I think we'll regain some ground and be over $1 in a few weeks.  This is definitely a buying opp IMO.

[kslifka]

AMRN had a higher high and a higher low and also pushed the stochastics closer to below 20 which is an oversold condition.

I agree.  It appears to be oversold and this is only a setback.  I think we'll regain some ground and be over $1 in a few weeks.  This is definitely a buying opp IMO.

Wait...this happens nearly every time a biotech drops after a failed drug.

Take a look at other biotechs that have gapped down huge like this.  It usually takes at least 3 to 4 months before the stock jumps back in the gap to the upside.

Examples below::

[Ares]

Before you get in, I just want to make sure that you know I am using the RSI(2) which is a short term buying and selling indicator.
Please do your DD.
I have 1,000 shares in here and will get out  when I see an opportunity and get in again if I see another one.
My plan of action here is to study the dominant market maker's action and try to shadow it.
There may be a market maker that will be dominant for a particular day but my goal is to identify the main one.
What I've read from other boards is they are eyeing the 0.50 cent support area.
For now, it looks oversold at this level and I will be watching AMRN closely.
For the longer term outlook,( few weeks to few months, it looks like the company has enough cash to survive.

Happy trading,

Ares

PS. attached is a chart of VG when RSI(2) was low and stochastics was low.
I have to find a better example since this is not a gap down but an oversold, overbought condition.

[Ares]

I finally found an example close to AMRN's setup.

I think AMRN's set up is even better than AMCC's because the gap down of AMRN closed near it's high compared to AMCC closing near its low.

I found AMCC from this link taken from the yahoo board.

http://buyonpanic.com/

[Ares]

Still holding 1,000 shares of AMRN at 0.73 just in case it goes up quickly.
I had a few chances to get out at a profit but decided against it because I may miss the main move.
I may buy another 1,000 shares to daytrade.
A lot of people seem to look at the 0.50 as a strong support.
If it goes down there, my buy target is 0.51 and sell target will be 0.67 for a day trade.
If AMRN goes down to zero with my 1,000 shares at 0.73, my risk is currently at 0.73 cents, the reward is at 1.72. 
Even better if AMRN fills the gap.

[Ares]

It would be nice if AMRN would react like LEND.

Here's a copy of the post from yahoo.

buyonpanic.com should profile AMRN  (5 Ratings)     24-Apr-07 04:50 pm     they profiled LEND and KMA and those both rebounded nicely.

this stock (AMRN) is the poster child of panic.


Sentiment : Strong Buy
Rate it:
       
sheezymcneezy



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Attached is a chart of LEND.

[kslifka]

Ares,

I hate to say it but AMRN will not likely enter that gap for a couple months...maybe more.  Biotech stocks that gap down on poor drug trial or FDA dissapproal take 3 to 4 months just to get above the gap.  Here are some more recent biotech drug stocks that got hammered and haven't recovered.  AGIX...and ADLR

AMRN is a biotech stock that got hammered by poor drug sturdy.

LEND is a sub-prime mortgage company.

Comparing apples and oranges.

I hope...I'm wrong...but I have yet to see a Biotech stock gap down like that and recover very quickly.

Best of Luck

It would be nice if AMRN would react like LEND.

Here's a copy of the post from yahoo.

buyonpanic.com should profile AMRN  (5 Ratings)     24-Apr-07 04:50 pm     they profiled LEND and KMA and those both rebounded nicely.

this stock (AMRN) is the poster child of panic.


Sentiment : Strong Buy
Rate it:
       
sheezymcneezy



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Attached is a chart of LEND.

[Ares]

Hi kslifka,

Thanks for your input.

I'm currently watching AVNR right now.

I was in at 3.57 yesterday and held it overnight.

I had my finger on the sell button at 4.05 but hesitated and missed it.

What's your opinion on this?

Thanks.

Looking forward to your comments.

Ares