Marinus Pharmaceuticals initiated with an Outperform at RBC Capital

RBC Capital analyst Brian Abrahams initiated coverage of Marinus Pharmaceuticals with an Outperform rating and $23 price target. The analyst is positive on the company’s "strong progress revitalizing the prospects for lead drug ganaxolone", and he believes that a solid initial launch in CDD could quickly contribute to cash flows. Abrahams further cites its strong potential for the IV form to expand the status epilepticus treatment paradigm while also noting an "achievable optionality" in larger seizure disorders like TSC. The analyst also states that the stock’s valuation substantially underappreciates ganaxolone’s realistic potential for over $600M in out-year sales.