Marinus surges as RBC sees main drug as positive cash flow contributor by 2024
20/01/2023 12:38
** Shares of drug developer Marinus Pharmaceuticals Inc
MRNS.O rise nearly 3% to $5.39 in premarket trading
** RBC initiates co's coverage with "outperform'" rating;
sets PT at $23
** PT implies an upside that is more than four-times its
current price
** Says co's main drug, Ztalmy, should continue steadily and
establish MRNS' commercial presence
** Ztalmy is a seizure drug that was released in mid 2022 to
treat a very rare pediatric epilepsy syndrome
** "Initial launch metrics indicate solid initial adoption
interest and reimbursement access," says RBC
** We believe the drug should become a positive cash flow
contributor by mid-'24 and ultimately achieve $75 mln in annual
sales - RBC
** All ten brokerages rate MRNS "buy" or higher; median PT
is $23 - Refinitiv IBES
** As of last close, stock was up ~31% this month
(Reporting by Anirban Chakroborti in Bengaluru)
((Anirban.Chakroborti@thomsonreuters.com;))