Amarin (AMRN) stock is on a nosedive today, falling over 20%, after the Irish biopharma showed updated results from a cardiovascular study called Reduce-It, where patients who have elevated triglyceride levels (despite being on statin therapy) tried AMRN’s fish oil pill called Vascepa. The study results were shared at the American Heart Associate meeting in Chicago. The data was positive, but a report published in the New England Journal of Medicine suggested the cardiovascular benefits could be far-fetched. Most critics will not dispute the heart benefits of the pill, but say it is difficult to measure just how effective the medicine is. This caused some investors to pull out.

Regardless of the panic, H.C Wainwright’s Andrew Fein isn’t skipping a beat. The analyst says the medication surpassed his expectations and that the robust data coming out of the detailed presentation is highlighted by the consistency across pre-specified analyses. This spurred Fein to reiterate a Buy rating for the stock and raises his price target from $31 to $51. (To watch Fein’s track record, click here)

The analyst addresses the skepticism around Vascepta that caused the stock to tumble: “With regard to the placebo (mineral oil) controversy, we view it as temporary noise that has been given an oversized weight by the bears. We are not aware of any strong evidence supporting that mineral oil contributed to the worsened outcome on the placebo arm. At most, we believe it mounts to speculation and hypothesis of the potential physiological activity of mineral oil without any clinical validation of such claims. In any case, the possibly minimal biological activity of the placebo arm would not negate the robustness of the results, in our view. We expect the placebo issue to be raised during the FDA review, but do not believe it would negatively impact the regulatory outcome,” Fein responded.

Looking ahead, the analyst notes after the presentation, physicians were asked how they planned to change practice (considering the new knowledge) and 87% of the audience said they would prescribe Vascepa to all high-risk patients with moderate TG levels.

Other analysts who have an ear to the stethoscope report an upbeat attitude toward Amarin stock. Out of five analysts surveyed, four are bullish on the stock and only one is sidelined. The consensus of $34.80 shows a major upside of about 76%, as the stock is currently selling for $19.82. (See AMRN’s price targets and analyst ratings on TipRanks)