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Oppenheimer has downgraded Marinus Pharmaceuticals Inc (NASDAQ: MRNS) to Perform after the company's first Phase 3 epilepsy study for adult focal onset seizures failed to meet its primary endpoint.
Even though company indicated there were certain sub-demographics of better responders in the greater studied populations, it effectively shut the door on any possibility of moving ganaxolone ahead in adult epilepsy.
Marinus will now focus on ganaxolone for indications within Status Epilepticus and pediatric orphan.
"As we only took into account the adult epilepsy indication in our valuation, and left any contribution from the other programs as upside, we are moving to a Perform rating," analyst Rohit Vanjani wrote in a note.
Vanjani said his 2016/2017 EPS estimates move to ($1.55)/($1.10) from prior ($1.57)/($1.22). The analyst also removed his $17 price target.
At the time of writing, shares of Marinus Pharma plunged more than 11 percent to $1.44. The stock touched a new 52-week low of $1.43.
Crypto Whales Are Loading Up — Are You?
New research shows the biggest crypto buyers are back. And this time? They could hold for the possibility that Bitcoin will surpass $100,000 in 2024. You don’t want to miss the next massive crypto bull run like we saw in 2020 and 2021. To know exactly what’s going on and what to buy… Get Access To Benzinga’s Best Crypto Research and Investments For Only $1.
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