Why Amarin Stock Skyrocketed Today

Shares of (NASDAQ: AMRN) skyrocketed 32.9% on Wednesday after the biopharmaceutical company announced strong preliminary fiscal fourth-quarter results, a new share-repurchase authorization, and encouraging 2024 guidance.

In a press release this morning, Amarin told investors it now expects fourth-quarter 2023 revenue of between $72 million and $74 million, far above analysts' consensus estimates for sales closer to $62 million. That would bring full-year 2023 revenue to between $304 million and $306 million, versus estimates for $294 million.

Amarin says it ended the year with roughly $321 million in cash and investments, with positive cash flow of $10 million for the year. That marks the company's sixth straight quarter of cash-positive or cash-neutral operations.

Source Fool.com