5 Biotech Stocks Popular On Reddit

1. Amarin Corporation plc (NASDAQ: AMRN)

Number of Hedge Fund Holders: 22

Price as of August 16: $5.29

Topping the list of 11 biotech stocks popular on Reddit is Amarin Corporation plc (NASDAQ: AMRN). The biopharmaceutical firm based in Dublin sells cardiovascular therapeutics in the US. Amarin Corporation plc (NASDAQ: AMRN) developed Vascepa, an omega-3 fatty acid medication that reduces fat levels in adult patients with severe hypertriglyceridemia.

On August 16, CEO Karim Mikhail announced that the initial readout of the investigator-initiated study PREPARE-IT 1 will take place during the ESC Congress 2021 in the last week of August. The trial is looking into the possible benefits of Vascepa for COVID-19 prevention in people who are at risk of infection. Shares of Amarin Corporation plc (NASDAQ: AMRN) climbed 9.1% in the last five days.

On August 5, Piper Sandler analyst Yasmeen Rahimi kept an Overweight rating on Amarin Corporation plc (NASDAQ: AMRN) with a price target of $19 per share following strong Q2 results. Shares of Amarin Corporation plc (NASDAQ: AMRN) increased 23% in the past month.

The company has a market cap of $2.1 billion. In the second quarter of 2021, Amarin Corporation plc (NASDAQ: AMRN) reported an EPS of $0.02, beating estimates by $0.05. The company’s second-quarter revenue came in at $154.5 million, an increase of 14% year over year and beating revenue estimates by $1.80 million. 

At the end of the first quarter of 2021, 22 hedge funds in the database of Insider Monkey held stakes worth $444 million in Amarin Corporation plc (NASDAQ: AMRN), down from 24 in the preceding quarter worth $400 million. 

You can also take a peek at the 10 Russell 2000 Basic Materials Dividend Stocks to Buy and 10 Cheap Hemp Stocks Redditors are Buying.

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