Noting Strong Progress On Marinus Pharma's Lead Drug Ganaxolone, Analyst Initiates With 300% Upside
RBC Capital Markets initiated coverage on Marinus Pharmaceuticals Inc (NASDAQ: MRNS) with an Outperform rating, Speculative Risk, and a price target of $23, equivalent to an upside of almost 300%.
The analyst writes that the company team has made substantial progress in revitalizing the prospects for the lead drug, oral ganaxolone (Ztalmy), with a solid initial launch in CDKL5 deficiency disorder (CDD) that could contribute to cash flows.
The drug should become a positive cash flow contributor by mid-'24 and ultimately achieve $75 million in annual sales.
Ganaxolone has the potential for the IV form to expand the status epilepticus treatment paradigm and achievable optionality in larger seizure disorders.
In Open-label Phase 2 trial, as per the analyst, IV ganaxolone showed promising seizure suppression. It says that IV ganaxolone will work in phase 3 in 2H23 and become the first new branded agent for the disease, with additional studies helping broaden its use in the long term.
Marinus expects data from the RAISE Phase 3 trial of ganaxolone in refractory status epilepticus in 2H of 2023. Earlier data from the trial was expected in 2H of 2022.
Price Action: MRNS shares are up 15.74% at $6.03 on the last check Friday.
Latest Ratings for MRNS
Date | Firm | Action | From | To |
|---|---|---|---|---|
Dec 2021 | SVB Leerink | Maintains | Outperform | |
Sep 2020 | Truist Securities | Initiates Coverage On | Buy | |
Sep 2020 | HC Wainwright & Co. | Maintains | Buy |
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This article originally appeared on Benzinga.com
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