June 6, 2011
Although we don't believe in timing the market or panicking over market movements, we do like to keep an eye on big changes -- just in case they're material to our investing thesis.
What: Shares of cardiovascular drug developer Amarin (Nasdaq: AMRN ) skipped a beat today, falling as far as 12% on spiky trading.
So what: Amarin CEO Joseph Zakrzewski gave a speech at an analyst conference today, supposedly dropping the devastating tidbit that he's looking for partnerships more than buyout opportunities. Not having a transcript or a webcast available to back this claim up, I'd treat this as a rumor until further notice.
Now what: Even after this drop, Amarin's shares have nearly tripled in the last six months, and just about sextupled over the last year. That's mostly thanks to some positive drug trial reports -- and the buyout speculation that inevitably follows such incontrovertibly positive news. Even if Zakrzewski pooh-poohed the buyout angle today, CEOs deny these things all the time. If Pfizer (NYSE: PFE ) and Merck (NYSE: MRK ) were interested in Amarin's artery-uncloggers yesterday, I'd say they're still interested today.
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