If nothing else, the decisions by Zakrzewski, Thero and Gordon to sell Amarin stock at prices ranging from $13 to $14 per share, according to regulatory filings, might set a near-term price ceiling on the stock absent positive news from the NCE status decision expected next month. After all, Amarin insiders believed the company shares were rich enough at $13-14 per share to warrant big sales, so why shouldn't outside investors feel the same way?
This was certainly the case for Vivus, where insiders also sold about $12 million in company stock at prices ranging from $25-28 per share in the month before FDA approved the weight-loss pill Qsymia. Vivus shares closed Monday at $22.28, having fallen about 24% since the approval decision.
Amarin executives Joe Kennedy, Paul Huff and Stuart Sedlack also sold smaller amounts of company stock on July 27, according to regulatory filings.
--Written by Adam Feuerstein in Boston.
>To contact the writer of this article, click here: Adam Feuerstein.
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