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Watch for Continued Losses in Shares of Amarin (AMRN)

By Nick Russo

Amarin (NASDAQ:AMRN) traded today at a new 52-week low of $1.33. This new low was reached on below average trading volume as 560,000 shares traded hands, while the average 30-day volume is approximately 1.8 million shares.

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.

Over the past year, Amarinhas traded in a range of $1.33 to $7.98 and are now at $1.33. In the last five trading sessions, the 50-day moving average (MA) has fallen 1.8% while the 200-day MA has slid 3.2%.

Amarin has overhead space with shares priced $1.33, or 38.4% below the average consensus analyst price target of $2.16. The stock should find initial resistance at its 50-day moving average (MA) of $1.70 and further resistance at its 200-day MA of $2.98.

SmarTrend recommended that its subscribers protect gains by selling shares of Amarin on January 23rd, 2014 by issuing a Downtrend alert when the shares were trading at $1.67. Since that call, shares of Amarin have fallen 18.0%. We are now looking for when a new Uptrend will commence and will alert SmarTrend subscribers in real time.

Keywords: 52 week high/lows amarin

Ticker(s): AMRN