Northland analyst Carl Byrnes initiated coverage of Amarin (AMRN) with an Outperform rating and $15 price target. The stock closed Monday up 28c to $7.62.

The expanded label given to Vascepa represents a "major paradigm shift" in lipid management, addressing "sizeable" market opportunities in the U.S., Europe and the rest of the world, Byrnes tells investors in a research note.

And while the ongoing patent litigation represents a "major risk," potential generic entrants will not be able to procure sufficient quantities of FDA-grade icosapent ethyl to pose a material commercial threat, predicts the analyst. Byrnes anticipates a ruling in the patent appeal in late 2020 or early 2021.

The risk/reward profile of Amarin shares is compelling, says the analyst.