Buy Rating Affirmed for Marinus Pharmaceuticals Amid Positive Sales and Promising Drug Trials

In a report released today, Jason Butler from JMP Securities reiterated a Buy rating on Marinus (MRNS – Research Report), with a price target of $10.00.

Jason Butler has given his Buy rating due to a combination of factors including Marinus Pharmaceuticals’ consistent progress in its drug development programs and positive financial indicators. The company’s lead product, ZTALMY, has shown steady sales in the first quarter of 2024 and an increased sales forecast for the full year, indicating growing market acceptance and profitability of their commercial franchise. Additionally, Marinus’s partner Orion is making headway towards European launches, which could result in further milestone payments to Marinus. These developments contribute to the company’s solid financial position, with cost reduction plans extending their cash runway into early 2025.
Moreover, Butler’s optimism is bolstered by the ongoing Phase 3 clinical trials for ganaxolone, with the TrustTSC trial expected to complete enrollment soon and a low patient discontinuation rate underscoring the potential for positive outcomes. Anticipation for the submission of a supplemental New Drug Application (sNDA) following successful trial results further strengthens the case for a Buy rating. Although the RAISE trial for refractory status epilepticus carries limited expectations, its results could still be informative for future development efforts. Butler’s assessment also takes into account updated financial models and the potential for equity financing in the event of positive trial results, which underscores a balanced view of the risks and opportunities ahead for Marinus.

In another report released yesterday, H.C. Wainwright also maintained a Buy rating on the stock with a $11.00 price target.

Based on the recent corporate insider activity of 25 insiders, corporate insider sentiment is positive on the stock. This means that over the past quarter there has been an increase of insiders buying their shares of MRNS in relation to earlier this year.

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Marinus (MRNS) Company Description:

Marinus Pharmaceuticals, Inc. is a biopharmaceutical company, which engages in the identification and development of neuropsychiatric therapeutics. Its clinical stage drug product candidate, ganaxolone, is a positive allosteric modulator being developed in three different dose forms: intravenous, capsule, and liquid. The company was founded by Geoffrey E. Chaiken, Harry H. Penner Jr., Vincent A. Pieribone and Kenneth R. Shaw on August 14, 2003 and is headquartered in Radnor, PA.