Marinus (MRNS – Research Report), the Healthcare sector company, was revisited by a Wall Street analyst today. Analyst Douglas Tsao from H.C. Wainwright remains neutral on the stock and has a $27.00 price target.
Douglas Tsao has given his Buy rating for Marinus (MRNS) due to a combination of factors. He remains bullish on Marinus as their RSE study, likely to be completed in the first quarter of 2024, and the Phase 3 TSC study, expected to be finished by mid-2024, are two significant events that could significantly boost the company’s shares. Furthermore, the company continues to do well with the launch of Ztalmy, with third-quarter sales predicted to surpass expectations. The expected revenue for the third quarter is in the range of $5.0-5.2 million, which is higher than the $4.8 million estimate. Moreover, Marinus is on track to reach an annualized run-rate of more than $25 million by the second half of 2024.
Additionally, Tsao highlighted that Marinus is on track to meet the 600-700 targeted CDD patients for treatment with ganaxolone, with 140 patients already on treatment. The company also seems to be managing its lower seizure burden concerns in the Phase 3 RSE study population, which had been a significant concern for investors. The KOLs have indicated that they would use ganaxolone earlier in their treatment protocol if it is approved with a profile consistent with what was seen in Phase 2. Finally, Marinus’s new titration schedule for TSC appears to be working well, with only one discontinuation reported, which bodes well for the Phase 3 readout.
In another report released today, RBC Capital also maintained a Buy rating on the stock with a $21.00 price target.
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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.
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