- RBC Capital Markets has initiated Marinus Pharmaceuticals ( NASDAQ: MRNS ) with an outperform rating saying that the launch of Ztalmy (ganaxolone) has been going well and will do even better with additional indications.
- The firm has a price target of $23 (341% upside based on Thursday's close).
- Shares are up ~7% in premarket trading.
- Ztalmy launched in mid-2022 for CDKL5 deficiency disorder (CDD), a rare pediatric epilepsy syndrome.
- RBC said that adoption interest and reimbursement access have been solid, and a positive reception from key opinion leaders. The firm ultimately sees $75M in annual sales.
- Analyst Brian Abrahams sees an IV version of Ztalmy for refractory status epilepticus, currently in development, as driving further growth for the treatment. He projects eventually $250M in sales for this indication.
- Marinus ( MRNS ) "is also actively pursuing prodrugs and additional formulations of ganaxolone which could improve dosing and exposure, potentially making the drug more suitable for larger, more competitive epilepsy indications like Lennox-Gastaut," Abrahams wrote.
- Seeking Alpha's Quant Rating views Marinus ( MRNS ) as a buy with high marks for growth and revisions .
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Marinus Pharmaceuticals initiated at outperform at RBC on epilepsy drug