Shares of Amarin Corp. (AMRN) were halted this morning.
After a US FDA committee said the company’s prescription fish-oil pill Vascepa has a “favorable benefit/risk profile” for a cardiovascular indication, an FDA Advisory Committee will meet today to discuss the drug. At the moment, the company is asking the FDA to extend the label so it can be prescribed to treat cardiovascular issues, such as heart attacks and strokes.
If successful, this could lead to a substantial opportunity for Amarin. As reported by Barron’s, “SVB Leerink analyst Ami Fadia projects peak sales of more than $4 billion a year for Vascepa, if the label is expanded.”
Canopy Growth Corporation (CGC)
Canopy Growth can’t catch a break.
The stock is down another 14% on heavy volume after posting a wider loss on sky-high expenses, and said it would stop expanding in Canada.
“The last two quarters have been challenging for the Canadian cannabis sector as provinces have reduced purchases to lower inventory levels, retail store openings have fallen short of expectations, and Cannabis 2.0 products are yet to come to market,” Chief Executive Officer Mark Zekulin said.
In addition, according to Reuters, Canopy also took a restructuring charge of C$32.7 million ($24.71 million) in the second quarter to account for returns, return provisions and price cuts for its soft gel and oil products.
Beyond Meat (BYND)
Shares of BYND are up nearly $4 on the day after finding strong support just under $83 a share. We’re not seeing any substantial news to support the current move.