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Heading into early 2021, Amarin (AMRN) shares continue to be "repressed and undervalued" ahead of a key binary event of European approval of Vascepa, Piper Sandler analyst Yasmeen Rahimi tells investors in a research note.

The analyst expects a Committee for Medicinal Products for Human Use decision coming in late January to February, followed by an approval decision within 67 days. With an "immense market" of 44M statin-treated patients in Europe, Rahimi is confident in Amarin's commercial success. This will set the stage for continued revenue growth for Vascepa in 2021, says the analyst, who expects the shares to have a "re-birth" this year.

Rahimi keeps an Overweight rating on Amarin with a $19 price target.