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DUBLIN and BRIDGEWATER, N.J. - Amarin Corporation plc (NASDAQ:AMRN), a pharmaceutical company focused on cardiovascular disease management with a market capitalization of approximately $167 million, announced today the appointment of Michael Torok to its Board of Directors. Torok, a seasoned financial professional and Co-Founder of JEC Capital Partners, joins the board with immediate effect, bringing a wealth of experience in corporate governance and investment. According to InvestingPro data, the company maintains a strong liquidity position with a current ratio of 3.3x, indicating robust short-term financial health.
Michael Torok’s background includes co-founding JEC Capital Partners, where he currently serves as Managing Director. His expertise spans multiple sectors, having served on various boards and committees, contributing significantly to areas such as capital allocation, shareholder return initiatives, and mergers and acquisitions. His prior role as Chief Financial Officer at Integrated Dynamics Engineering showcased his strategic role in corporate acquisitions. The appointment comes at a crucial time, as InvestingPro analysis indicates the stock is currently trading below its Fair Value, with annual revenue of $229 million despite recent market challenges.
Odysseas Kostas, MD, Chairman of the Board at Amarin, expressed confidence in Torok’s appointment, highlighting his financial acumen and commitment to enhancing shareholder value. Torok reciprocated the sentiment, acknowledging the board’s dedication to transparency and collective efforts to benefit all shareholders.
Amarin, with offices in New Jersey, Dublin, Zug, and across Europe, has established itself as an innovator in addressing cardiovascular risks beyond traditional therapies. The company emphasizes scientific research and treatment advancement in this area. While maintaining a solid gross profit margin of 52%, InvestingPro analysis reveals several additional insights about the company’s performance and prospects, available in their comprehensive Pro Research Report, which provides deep-dive analysis of over 1,400 US equities.
The announcement follows Amarin’s practice of engaging with investors and the public through various channels, including its website and investor relations platforms, to disseminate material information. The company encourages stakeholders to stay informed through these resources, which are regularly updated.
This expansion of Amarin’s Board of Directors with Michael Torok’s appointment is based on a press release statement from the company.
In other recent news, Amarin Corporation reported its fourth-quarter 2024 earnings, revealing an earnings per share (EPS) of -0.02, which surpassed analyst expectations of -0.05. However, the company’s total net revenue for the quarter decreased to $62.3 million from $74.7 million in the same period the previous year. Despite the positive EPS result, the decline in revenue, particularly in the U.S. market, reflects challenges in maintaining financial performance. Amarin’s strong cash position, with $294 million and no debt, remains a notable aspect of its financial health.
Additionally, Amarin announced that board member Mark DiPaolo will step down following the company’s 2025 Annual Meeting of Shareholders. Meanwhile, major shareholders, including JEC Capital Partners, have urged Amarin’s Board of Directors to conduct a strategic review to maximize shareholder value, citing the company’s market capitalization and cash balance. The company has also announced plans to present new cardiovascular drug data at the American College of Cardiology Annual Scientific Session & Expo, highlighting the potential benefits of its product VASCEPA/VAZKEPA.
These developments come as Amarin continues to face pressure from shareholders to enhance value and address its strategic direction. The company’s recent 1-for-20 reverse split of its American Depositary Shares, a move that has historically been viewed unfavorably by the market, further underscores the ongoing strategic challenges.
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