Marinus Pharmaceuticals downgraded to Neutral from Outperform at Baird

Baird downgraded Marinus Pharmaceuticals to Neutral from Outperform with a price target of $2, down from $20. Even though the RAISE study will go on to a final analysis, the implications of the interim miss are that even a statistical win at the full analysis would not yield a significant commercial opportunity, given the delta over placebo implied by the interim, the analyst tells investors in a research note. The firm believes a lower treatment effect and higher placebo effect could both be seen, balancing out the two arms.