Shares of Amarin Corp. (NASDAQ:AMRN) are up about 2% this morning against a weak tape, as Jeffries analyst Thomas Wei commented that the delay in the FDA’s decision on Vascepa’s NCE status could be viewed as positive. The analyst stated that the agency may need more time to consider the company’s unique arguments that Vascepa should be viewed as a new chemical entity (NCE). Assuming the FDA does grant NCE status, for which a decision is expected next month, Vascepa would get 5 years of regulatory exclusivity, solidifying the drug’s intellectual property position. Jeffries reaffirmed their Buy rating and maintained a price target on AMRN of $28 per share. AMRN shares appear to have stabilized in front of the pending FDA’s decision, with upside estimated to the high teens on a positive outcome – Vascepa granted NCE status – and downside estimated below $10 a share if the decision is negative – NPE status, or just 3 years of FDA exclusivity. Investors wishing to put new money to work on this event may want to consider using an options strategy to get involved, which we previously highlighted here.