Noting Strong Progress On Marinus Pharma's Lead Drug Ganaxolone, Analyst Initiates With 300% Upside

  • RBC Capital Markets initiated coverage on Marinus Pharmaceuticals Inc MRNS with an Outperform rating, Speculative Risk, and a price target of $23, equivalent to an upside of almost 300%.
  • The analyst writes that the company team has made substantial progress in revitalizing the prospects for the lead drug, oral ganaxolone (Ztalmy), with a solid initial launch in CDKL5 deficiency disorder (CDD) that could contribute to cash flows.
  • The drug should become a positive cash flow contributor by mid-'24 and ultimately achieve $75 million in annual sales.
  • Ganaxolone has the potential for the IV form to expand the status epilepticus treatment paradigm and achievable optionality in larger seizure disorders.
  • In Open-label Phase 2 trial, as per the analyst, IV ganaxolone showed promising seizure suppression. It says that IV ganaxolone will work in phase 3 in 2H23 and become the first new branded agent for the disease, with additional studies helping broaden its use in the long term.
  • Marinus expects data from the RAISE Phase 3 trial of ganaxolone in refractory status epilepticus in 2H of 2023. Earlier data from the trial was expected in 2H of 2022.
  • Price Action: MRNS shares are up 15.74% at $6.03 on the last check Friday.
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