Ladenburg Thalmann & Co. analyst Michael Higgins maintained a Buy rating on Marinus (MRNS – Research Report) today and set a price target of $15.00.
Michael Higgins has given his Buy rating due to a combination of factors regarding Marinus’s ongoing developments. The primary reason behind this rating is the impressive progress of Marinus’s pivotal Phase 3 RSE trial, known as RAISE, where the company has seen an acceleration in the pace of enrolment. Another significant factor is the updated guidance for interim data that is expected in the first quarter of 2024, which is looking promising. This, combined with the overall similarities between the impressive Phase 2 data and the design of the current trial, has been a key driving factor behind the positive rating.
Furthermore, Marinus has shown a strong financial position, raising approximately $26 million in Q3 and extending its cash guidance from the second half of 2024 to the fourth quarter of 2024. The company also shared its most detailed assessment yet of the RSE market opportunity, which has been viewed favorably. Finally, the launch of Ztalmy is on track to meet the projected 2023 revenue guidance of $17-$18.5 million. This combination of clinical and financial progress, alongside the solid growth prospects, leads Higgins to rate Marinus with a Buy.
In another report released today, H.C. Wainwright also reiterated a Buy rating on the stock with a $27.00 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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