Amarin Corporation (NASDAQ: AMRN) shares got a major boost during the pre-market hours of Thursday after it said the American Diabetes Association (ADA) has noted updates related to the results of its REDUCE-IT study in the annual Standards of Medical Care in Diabetes report.
AMRN shares jumped 9.5% during the morning trade. The stock has gained 38% since the beginning of this year.
The ADA is a non-profit organization that works to spread awareness about diabetes, besides raising funds for researches taking place in this field. As a general policy, the organization does not endorse or certify any specific brands.
ADA’s findings relate to icosapent ethyl, which Amarin markets under the brand name Vascepa capsules. Vascepa has received FDA approval to cut down triglyceride levels in adult patients. The Dublin, Ireland-based firm has, meanwhile, commenced transmission of data to the FDA seeking an expansion of the Vascepa FDA label based on the landmark REDUCE-IT results.
READ: AMARIN SHARES JUMP ON RUMORS OVER NOVARTIS INTEREST
The FDA is yet to review this application, but investors are hoping that ADA’s reference would now help fast-track the process.
In the Standard of Care recommendation, ADA notes, “…based on the outcome of Reduction of Cardiovascular Events with Icosapent Ethyl–Intervention Trial (REDUCE-IT), which determined the addition of icosapent ethyl to statin therapy for patients with high triglyceride levels reduced cardiovascular events.”
READ: WHAT IS NASH AND WHICH BIOTECH FIRMS ARE VYING FOR THE FIRST-MOVER STATUS
Meanwhile, it also added, “It should be noted that data are lacking with other omega-3 fatty acids, and results of the REDUCE-IT trial should not be extrapolated to other products.”
Earlier last month, shares of Amarin Corp rallied 14% on rumors that Novartis (NVS) is looking to buy the Dublin-based firm. There have been no further updates on the same.
Listen to on-demand earnings calls and hear how management responds to analysts’ questions
Most Popular
Stock Watch: AutoZone (AZO) stays on the fast track despite cost pressures
AutoZone, Inc. (NYSE: AZO) is a much sought-after automotive parts retailer among do-it-yourself customers, especially after the virus-related movement restrictions forced people to stay indoors. The company’s stock has remained
Stock Watch: Intuitive Surgical (ISRG) remains a good bet despite slowdown
Intuitive Surgical, Inc. (NASDAQ: ISRG) is a market leader in the manufacturing and distribution of robotics-assisted surgical systems. The company’s products, designed for minimally invasive surgery, help healthcare professionals conduct procedures
WBA Stock: Why you should add Walgreens Boots to your watchlist
Drugstore chain Walgreens Boots Alliance, Inc. (NASDAQ: WBA) witnessed a spike in customer traffic in the last couple of years due to the vaccination drive and the high demand for
