Why Amarin Stock Is Tumbling This Week
Amarin (NASDAQ: AMRN), a small-cap cardiovascular care company, saw its shares dip by as much as 15% during the first four days of trading this week, according to data provided by S&P Global Market Intelligence. The drugmaker's stock has rebounded to some degree since hitting this intra-week low, but its shares were still down by a hefty 6.2% as of Thursday's closing bell.
The good news is that Amarin's stock didn't fall in response to a company-specific event. Rather, the biotech's shares have simply followed the broader pharmaceutical space downward this week. Underscoring this point, the bellwether SPDR S&P Biotech ETF has dropped by an unsightly 14.9% over the prior four trading sessions. Since the start of the fourth quarter of 2021, capital has been steadily flowing out of small- to mid-cap growth stocks due to the Federal Reserve's plan to raise interest rates multiple times over the course of 2022.
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Source Fool.com
