Marinus Pharmaceuticals (MRNS) PT Raised to $29 at Jefferies After PCDH19 Data
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Jefferies analyst Andrew Tsai raised the price target on Marinus Pharmaceuticals (NASDAQ: MRNS) to $29.00 (from $24.00) while maintaining a Buy rating on the belief that the rare epilepsy franchise for oral ganaxolone (GNX) will garner more investor interest during 2021, as CDD will likely be approved by H1:22 and TSC will now progress quickly into Phase III (following positive Phase II interim data). The Phase II PCDH19 data, just announced, should further support the consistency of oral GNX's efficacy profile and the company is on track to announce an EU partner this summer, accelerating GNX's development ex-US.
The analyst stated "For oral GNX in rare epilepsy, two meaningful datapoints today bode well for the overall franchise: (1) While the Phase II PCDH19 data technically did not hit stat-sig (due to a small N), the important takeaway is the absolute 62% seizure reduction was directionally consistent with the positive Phase III efficacy data in CDD, supporting GNX's 3x/day dosing (TID) strategy and validating its broad potential in rare epilepsy. (2) Indeed, an interim look on 12-13 pts from the ongoing open label Phase II TSC study (n=25) suggests GNX has met the Co's internal safety/efficacy criteria for Phase III advancement. As such, we raise our PT from $24 to $29 ($1B+ cap) on a higher PoS assumption for TSC."
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