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Watch for Continued Losses in Shares of Amarin (AMRN)

By Shiri Gupta

Shares of Amarin (NASDAQ:AMRN) traded at a new 52-week low today of $1.60. Approximately 4.3 million shares have changed hands today, as compared to an average 30-day volume of 12.2 million shares.

Amarin share prices have moved between a 52-week high of $12.90 and the current low of $1.60 and are currently at $1.66 per share. The 200-day and 50-day moving averages have moved 1.42% lower and 4.02% lower over the past week, respectively.

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.

Potential upside of 733.8% exists for Amarin, based on a current level of $1.66 and analysts' average consensus price target of $13.80. Amarin shares should first meet resistance at the 50-day moving average (MA) of $5.58 and find additional resistance at the 200-day MA of $6.68.

SmarTrend recommended that its subscribers protect gains by selling shares of Amarin on October 11th, 2013 by issuing a Downtrend alert when the shares were trading at $6.08. Since that call, shares of Amarin have fallen 70.2%. 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