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MRNS

Marinus Pharmaceuticals NasdaqGM:MRNS Stock Report

Last Price

US$6.94

Market Cap

US$258.2m

7D

6.3%

1Y

-39.2%

Updated

04 Oct, 2022

Data

Company Financials +
MRNS fundamental analysis
Snowflake Score
Valuation2/6
Future Growth2/6
Past Performance0/6
Financial Health4/6
Dividends0/6

MRNS Stock Overview

Marinus Pharmaceuticals, Inc., a pharmaceutical company, focuses on development and commercialization of products for patients suffering from rare genetic epilepsies and other seizure disorders.

Marinus Pharmaceuticals Competitors

Price History & Performance

Summary of all time highs, changes and price drops for Marinus Pharmaceuticals
Historical stock prices
Current Share PriceUS$6.94
52 Week HighUS$13.15
52 Week LowUS$3.97
Beta1.36
1 Month Change5.79%
3 Month Change45.49%
1 Year Change-39.18%
3 Year Change22.18%
5 Year Change-72.59%
Change since IPO-78.31%

Recent News & Updates

Sep 22

Marinus Pharmaceuticals: Positive News Flow Of Note

Summary Today, we put Marinus Pharmaceuticals back in the spotlight as the stock has held up well even as the market has sold off. The company also has seen some positive news flow of late including the sale of a priority review voucher and some additional cash flow from BARDA. An investment analysis follows in the paragraphs below. Humility means accepting reality with no attempt to outsmart it.”― David Richo When we last revisited Marinus Pharmaceuticals, Inc. (MRNS) in May, we recommended it for a small covered call position. That seems to have been a prudent call to this point as the stock is basically trading flat/slightly up to when we last looked at it. Given how poorly biotech stocks have traded in 2022, that marks a victory. Seeking Alpha We are circling back today to update the investment thesis around Marinus as the company has seen some positive news flow in recent weeks. An analysis follows below. Company Overview: Marinus Pharmaceuticals is focused on the development of therapies for the treatment of rare genetic epilepsies and other seizure disorders. The company is based outside of Philadelphia, PA. The stock trades for around $6.50 a share and sports an approximate market capitalization of $260 million. May Company Presentation The company has one primary asset under development for multiple indications called ganaxolone. This compound is also known by its brand name Ztalmy was approved this March for seizures associated with cyclin-dependent-kinase like 5 (CDKL5) deficiency disorder (CDD). The marketing application for Ztalmy in Europe is currently undergoing review by the European Medicines Agency or EMA. The company plans to submit complete responses to questions from the EMA in November and they should render a decision in the first quarter of next year. May Company Presentation Recent Developments for Marinus: The priority review voucher Marinus garnered via the approval of Ztalmy by the FDA was sold at the end of August for $110 million. This bolstered the company's cash reserves substantially and was right in the range ($100 million to $125 million) these vouchers have received in recent years. In addition, it was announced that Biomedical Advanced Research and Development Authority or BARDA had exercised its first contract option worth ~$12.3M, to support U.S. onshoring of manufacturing capabilities of Ztalmy. That still leaves some $39 million of potential awards under this contract, $21 million in previously approved base-period funding and up to $18 million across two additional option periods. Company Website The company continues to advance ganaxolone against other indications. Marinus has a Phase 3 trial "RAISE" to evaluate ganaxolone to treat Refractory Status Epilepticus or RSE. Topline results from this study should be out in the second half of 2023. This study is being funded by BARDA. May Company Presentation Recently the first patient was randomized and dosed in a Phase 3 trial to evaluate ganaxolone to treat Tuberous Sclerosis Complex or TSC. The study will consist of approximately targeting 80 clinical sites and topline results are not expected until the first quarter of 2024 at the earliest. May Company Presentation Results from a Phase 2 study around RSE was published in June and a Phase 3 study for RSE 'RAISE II' (for European registration) is expected to begin enrollment in the second half of 2023. May Company Presentation A Phase 2 trial 'RESET' evaluating ganaxolone in established status epilepticus on track to begin U.S. enrollment in the second half of this year. A Phase 2 trial to evaluate ganaloxone to treat Lennox-Gastaut syndrome is now targeted to begin in 2023. Analyst Commentary & Balance Sheet: The analyst community also seems to be turning more sanguine on Marinus' story. Over the past five weeks, four analyst firms including Robert W. Baird and JMP Securities have reissued Buy ratings on MRNS. Price targets proffered range from $17 to $32 a share. Approximately five percent of the outstanding float is currently held short. There has been no insider activity in this equity since March of 2021. The company ended the second quarter of this year with just over $90 million in cash and marketable securities on its balance sheet after posting a net loss of $39.4 million in the quarter. With the receipts from the priority review voucher in hand, management believes current funding levels are sufficient to fund it into the fourth quarter of 2023. Marinus has approximately $70 million of long term debt. Verdict: There are a wide range of sales and earnings estimates from the analyst community at the present time. Right now they expect the company to lose just over two bucks a share in FY2022 and over $3.50 a share in FY2023 as the company spends big on the rollout of Ztalmy and advancing its pipeline. Revenue estimates range from approximately $15 million to $60 million next fiscal year. The company had just $1.8 million worth of revenue in the second quarter.

Aug 29

Marinus Pharma closes on sale of a U.S. FDA priority review voucher for $110M

Marinus Pharmaceuticals (NASDAQ:MRNS) on Monday said it had closed on the sale of a U.S. FDA voucher for $110M. The voucher, called the Rare Pediatric Disease Priority Review Voucher, entitles MRNS to a priority review from the agency and proceeds to carry out its drug development activities with an aim to treat rare pediatric diseases. MRNS said it had received the $110M of gross funds, which are in addition to the $92.3M the had reported in cash and cash equivalents as of June 30. The company said it would use the proceeds from the closing of the sale on the voucher for the commercial launch of seizure treatment Ztalmy, execution of its phase 3 clinical programs and other general expenditures. With the addition of this funding, MRNS said it now expects to fund its expenses and requirements and maintain the minimum cash balance required under its debt facility into Q4 2023. MRNS stock +4.2% to $6.97 after hours.

Aug 13
Analysts' Revenue Estimates For Marinus Pharmaceuticals, Inc. (NASDAQ:MRNS) Are Surging Higher

Analysts' Revenue Estimates For Marinus Pharmaceuticals, Inc. (NASDAQ:MRNS) Are Surging Higher

Marinus Pharmaceuticals, Inc. ( NASDAQ:MRNS ) shareholders will have a reason to smile today, with the analysts making...

Shareholder Returns

MRNSUS PharmaceuticalsUS Market
7D6.3%2.6%4.4%
1Y-39.2%5.8%-18.2%

Return vs Industry: MRNS underperformed the US Pharmaceuticals industry which returned 4.4% over the past year.

Return vs Market: MRNS underperformed the US Market which returned -20% over the past year.

Price Volatility

Is MRNS's price volatile compared to industry and market?
MRNS volatility
MRNS Average Weekly Movement9.6%
Pharmaceuticals Industry Average Movement11.3%
Market Average Movement6.9%
10% most volatile stocks in US Market15.5%
10% least volatile stocks in US Market2.8%

Stable Share Price: MRNS is not significantly more volatile than the rest of US stocks over the past 3 months, typically moving +/- 10% a week.

Volatility Over Time: MRNS's weekly volatility (10%) has been stable over the past year.

About the Company

FoundedEmployeesCEOWebsite
2003113Scott Braunsteinhttps://marinuspharma.com

Marinus Pharmaceuticals, Inc., a pharmaceutical company, focuses on development and commercialization of products for patients suffering from rare genetic epilepsies and other seizure disorders. It offers ZTALMY, an oral suspension for the treatment of seizures associated with cyclin-dependent kinase-like 5 deficiency disorder for adult and pediatric patient populations in acute and chronic care, and in-patient and self-administered settings. The company’s ZTALMY product candidate acts at synaptic and extrasynaptic GABAA receptors, a target for its anti-seizure, antidepressant, and anxiolytic potential.

Marinus Pharmaceuticals Fundamentals Summary

How do Marinus Pharmaceuticals's earnings and revenue compare to its market cap?
MRNS fundamental statistics
Market CapUS$258.16m
Earnings (TTM)-US$106.61m
Revenue (TTM)US$27.61m

9.4x

P/S Ratio

-2.4x

P/E Ratio

Earnings & Revenue

Key profitability statistics from the latest earnings report
MRNS income statement (TTM)
RevenueUS$27.61m
Cost of RevenueUS$73.42m
Gross Profit-US$45.80m
Other ExpensesUS$60.80m
Earnings-US$106.61m

Last Reported Earnings

Jun 30, 2022

Next Earnings Date

n/a

Earnings per share (EPS)-2.87
Gross Margin-165.90%
Net Profit Margin-386.11%
Debt/Equity Ratio1,464.7%

How did MRNS perform over the long term?

See historical performance and comparison
We’ve recently updated our valuation analysis.

Valuation

Is MRNS undervalued compared to its fair value, analyst forecasts and its price relative to the market?

Valuation Score

2/6

Valuation Score 2/6

  • Price-To-Sales vs Peers

  • Price-To-Sales vs Industry

  • Price-To-Sales vs Fair Ratio

  • Below Fair Value

  • Significantly Below Fair Value

  • Analyst Forecast

Key Valuation Metric

Which metric is best to use when looking at relative valuation for MRNS?

Other financial metrics that can be useful for relative valuation.

MRNS key valuation metrics and ratios. From Price to Earnings, Price to Sales and Price to Book to Price to Earnings Growth Ratio, Enterprise Value and EBITDA.
Key Statistics
Enterprise Value/Revenue8.8x
Enterprise Value/EBITDA-2.5x
PEG Ration/a

Price to Sales Ratio vs Peers

How does MRNS's PS Ratio compare to its peers?

MRNS PS Ratio vs Peers
The above table shows the PS ratio for MRNS vs its peers. Here we also display the market cap and forecasted growth for additional consideration.
CompanyPSEstimated GrowthMarket Cap
Peer Average3x
JUSH.F Jushi Holdings
1x36.2%US$247.1m
XERS Xeris Biopharma Holdings
2.7x27.7%US$217.5m
PRPH ProPhase Labs
1.4x-24.7%US$188.6m
OCUL Ocular Therapeutix
6.8x38.5%US$339.4m
MRNS Marinus Pharmaceuticals
9.4x48.5%US$258.2m

Price-To-Sales vs Peers: MRNS is expensive based on its Price-To-Sales Ratio (9.4x) compared to the peer average (3x).


Price to Earnings Ratio vs Industry

How does MRNS's PE Ratio compare vs other companies in the US Pharmaceuticals Industry?

Price-To-Sales vs Industry: MRNS is expensive based on its Price-To-Sales Ratio (9.4x) compared to the US Pharmaceuticals industry average (2.9x)


Price to Sales Ratio vs Fair Ratio

What is MRNS's PS Ratio compared to its Fair PS Ratio? This is the expected PS Ratio taking into account the company's forecast earnings growth, profit margins and other risk factors.

MRNS PS Ratio vs Fair Ratio.
Fair Ratio
Current PS Ratio9.4x
Fair PS Ratio1.2x

Price-To-Sales vs Fair Ratio: MRNS is expensive based on its Price-To-Sales Ratio (9.4x) compared to the estimated Fair Price-To-Sales Ratio (1.2x).


Share Price vs Fair Value

What is the Fair Price of MRNS when looking at its future cash flows? For this estimate we use a Discounted Cash Flow model.

Below Fair Value: MRNS ($6.94) is trading below our estimate of fair value ($31.74)

Significantly Below Fair Value: MRNS is trading below fair value by more than 20%.


Analyst Price Targets

What is the analyst 12-month forecast and do we have any statistical confidence in the consensus price target?

Analyst Forecast: Target price is more than 20% higher than the current share price, but analysts are not within a statistically confident range of agreement.


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Future Growth

How is Marinus Pharmaceuticals forecast to perform in the next 1 to 3 years based on estimates from 9 analysts?

Future Growth Score

2/6

Future Growth Score 2/6

  • Earnings vs Savings Rate

  • Earnings vs Market

  • High Growth Earnings

  • Revenue vs Market

  • High Growth Revenue

  • Future ROE


28.9%

Forecasted annual earnings growth

Earnings and Revenue Growth Forecasts


Analyst Future Growth Forecasts

Earnings vs Savings Rate: MRNS is forecast to remain unprofitable over the next 3 years.

Earnings vs Market: MRNS is forecast to remain unprofitable over the next 3 years.

High Growth Earnings: MRNS is forecast to remain unprofitable over the next 3 years.

Revenue vs Market: MRNS's revenue (48.5% per year) is forecast to grow faster than the US market (7.6% per year).

High Growth Revenue: MRNS's revenue (48.5% per year) is forecast to grow faster than 20% per year.


Earnings per Share Growth Forecasts


Future Return on Equity

Future ROE: Insufficient data to determine if MRNS's Return on Equity is forecast to be high in 3 years time


Discover growth companies

Past Performance

How has Marinus Pharmaceuticals performed over the past 5 years?

Past Performance Score

0/6

Past Performance Score 0/6

  • Quality Earnings

  • Growing Profit Margin

  • Earnings Trend

  • Accelerating Growth

  • Earnings vs Industry

  • High ROE


-31.8%

Historical annual earnings growth

Earnings and Revenue History

Quality Earnings: MRNS is currently unprofitable.

Growing Profit Margin: MRNS is currently unprofitable.


Past Earnings Growth Analysis

Earnings Trend: MRNS is unprofitable, and losses have increased over the past 5 years at a rate of 31.8% per year.

Accelerating Growth: Unable to compare MRNS's earnings growth over the past year to its 5-year average as it is currently unprofitable

Earnings vs Industry: MRNS is unprofitable, making it difficult to compare its past year earnings growth to the Pharmaceuticals industry (5%).


Return on Equity

High ROE: MRNS has a negative Return on Equity (-2219.57%), as it is currently unprofitable.


Discover strong past performing companies

Financial Health

How is Marinus Pharmaceuticals's financial position?

Financial Health Score

4/6

Financial Health Score 4/6

  • Short Term Liabilities

  • Long Term Liabilities

  • Debt Level

  • Reducing Debt

  • Stable Cash Runway

  • Forecast Cash Runway

Financial Position Analysis

Short Term Liabilities: MRNS's short term assets ($101.1M) exceed its short term liabilities ($23.1M).

Long Term Liabilities: MRNS's short term assets ($101.1M) exceed its long term liabilities ($81.5M).


Debt to Equity History and Analysis

Debt Level: MRNS has more cash than its total debt.

Reducing Debt: MRNS's debt to equity ratio has increased from 20.6% to 1464.7% over the past 5 years.


Balance Sheet


Cash Runway Analysis

For companies that have on average been loss making in the past we assess whether they have at least 1 year of cash runway.

Stable Cash Runway: MRNS has sufficient cash runway for more than a year based on its current free cash flow.

Forecast Cash Runway: MRNS has less than a year of cash runway if free cash flow continues to reduce at historical rates of 23.4% each year


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Dividend

What is Marinus Pharmaceuticals's current dividend yield, its reliability and sustainability?

Dividend Score

0/6

Dividend Score 0/6

  • Notable Dividend

  • High Dividend

  • Stable Dividend

  • Growing Dividend

  • Earnings Coverage

  • Cash Flow Coverage

Dividend Yield vs Market

Marinus Pharmaceuticals Dividend Yield vs Market
How does Marinus Pharmaceuticals dividend yield compare to the market?
SegmentDividend Yield
Company (Marinus Pharmaceuticals)n/a
Market Bottom 25% (US)1.6%
Market Top 25% (US)4.5%
Industry Average (Pharmaceuticals)2.6%
Analyst forecast in 3 Years (Marinus Pharmaceuticals)n/a

Notable Dividend: Unable to evaluate MRNS's dividend yield against the bottom 25% of dividend payers, as the company has not reported any recent payouts.

High Dividend: Unable to evaluate MRNS's dividend yield against the top 25% of dividend payers, as the company has not reported any recent payouts.


Stability and Growth of Payments

Stable Dividend: Insufficient data to determine if MRNS's dividends per share have been stable in the past.

Growing Dividend: Insufficient data to determine if MRNS's dividend payments have been increasing.


Earnings Payout to Shareholders

Earnings Coverage: Insufficient data to calculate payout ratio to determine if its dividend payments are covered by earnings.


Cash Payout to Shareholders

Cash Flow Coverage: Unable to calculate sustainability of dividends as MRNS has not reported any payouts.


Discover strong dividend paying companies

Management

How experienced are the management team and are they aligned to shareholders interests?

1.9yrs

Average management tenure


CEO

Scott Braunstein (59 yo)

4.08yrs

Tenure

US$3,992,329

Compensation

Dr. Scott N. Braunstein, M.D., serves as an Independent Director at Caribou Biosciences, Inc. since June 2021. He served as Director at Protara Therapeutics, Inc. (formerly known as ArTara Therapeutics, In...


CEO Compensation Analysis

Scott Braunstein's Compensation vs Marinus Pharmaceuticals Earnings
How has Scott Braunstein's remuneration changed compared to Marinus Pharmaceuticals's earnings?
DateTotal Comp.SalaryCompany Earnings
Jun 30 2022n/an/a

-US$107m

Mar 31 2022n/an/a

-US$91m

Dec 31 2021US$4mUS$574k

-US$99m

Sep 30 2021n/an/a

-US$88m

Jun 30 2021n/an/a

-US$84m

Mar 31 2021n/an/a

-US$76m

Dec 31 2020US$4mUS$556k

-US$76m

Sep 30 2020n/an/a

-US$74m

Jun 30 2020n/an/a

-US$72m

Mar 31 2020n/an/a

-US$69m

Dec 31 2019US$2mUS$305k

-US$54m

Sep 30 2019n/an/a

-US$49m

Jun 30 2019n/an/a

-US$46m

Mar 31 2019n/an/a

-US$43m

Dec 31 2018US$210kn/a

-US$37m

Compensation vs Market: Scott's total compensation ($USD3.99M) is above average for companies of similar size in the US market ($USD1.74M).

Compensation vs Earnings: Scott's compensation has been consistent with company performance over the past year.


Leadership Team

Experienced Management: MRNS's management team is not considered experienced ( 1.9 years average tenure), which suggests a new team.


Board Members

Experienced Board: MRNS's board of directors are considered experienced (4.1 years average tenure).


Ownership

Who are the major shareholders and have insiders been buying or selling?


Insider Trading Volume

Insider Buying: Insufficient data to determine if insiders have bought more shares than they have sold in the past 3 months.


Ownership Breakdown

What is the ownership structure of MRNS?
Owner TypeNumber of SharesOwnership Percentage
Individual Insiders60,3950.2%
VC/PE Firms3,156,8038.5%
General Public8,693,94323.4%
Hedge Funds12,245,45332.9%
Institutions13,042,55635.1%

Dilution of Shares: Shareholders have not been meaningfully diluted in the past year.


Top Shareholders

Top 25 shareholders own 72.86% of the company
OwnershipNameSharesCurrent ValueChange %Portfolio %
9.91%
Lion Point Capital, LP
3,684,622$25.6m1.52%6.75%
9.44%
Suvretta Capital Management, LLC
3,510,831$24.4m26.93%0.9%
8.49%
VR Adviser, LLC
3,156,803$21.9m0%2.27%
8.47%
Avoro Capital Advisors LLC
3,150,000$21.9m0%0.39%
5.11%
683 Capital Management, LLC
1,900,000$13.2m-1.7%0.93%
4.5%
The Vanguard Group, Inc.
1,674,558$11.6m-1.3%no data
3.85%
Bain Capital Life Sciences Investors, LLC
1,431,058$9.9m0%1.05%
3.56%
Bleichroeder LP
1,322,463$9.2m0%1.89%
3.39%
Adage Capital Management, L.P.
1,262,500$8.8m0%0.02%
2.69%
Artal Group S.A.
1,000,000$6.9m0%0.33%
2.53%
BlackRock, Inc.
941,311$6.5m-64.15%no data
1.27%
Granite Point Capital Management, L.P.
472,056$3.3m0%3.05%
1.26%
Antara Capital LP
467,481$3.2m145.77%0.48%
1.18%
Franklin Resources, Inc.
437,700$3.0m22.54%no data
1.03%
Millennium Management LLC
384,071$2.7m0%no data
0.95%
BMO Asset Management Corp.
351,700$2.4m0%no data
0.89%
Geode Capital Management, LLC
330,316$2.3m-48.32%no data
0.85%
Rubric Capital Management LP
315,277$2.2m29.49%0.11%
0.68%
FMR LLC
251,093$1.7m-19.85%no data
0.65%
Stonepine Capital Management LLC
242,327$1.7m327.03%0.78%
0.59%
Citadel Advisors LLC
219,490$1.5m688.11%no data
0.52%
Ergoteles LLC
195,288$1.4m0%0.04%
0.42%
Renaissance Technologies LLC
156,900$1.1m362.83%no data
0.35%
State Street Global Advisors, Inc.
130,176$903.4k-80.29%no data
0.31%
Victory Capital Management Inc.
113,779$789.6k0%no data

Company Information

Marinus Pharmaceuticals, Inc.'s employee growth, exchange listings and data sources


Key Information

  • Name: Marinus Pharmaceuticals, Inc.
  • Ticker: MRNS
  • Exchange: NasdaqGM
  • Founded: 2003
  • Industry: Pharmaceuticals
  • Sector: Pharmaceuticals & Biotech
  • Implied Market Cap: US$258.162m
  • Shares outstanding: 37.20m
  • Website: https://marinuspharma.com

Number of Employees


Location

  • Marinus Pharmaceuticals, Inc.
  • 5 Radnor Corporate Center
  • Suite 500
  • Radnor
  • Pennsylvania
  • 19087
  • United States


Listings

TickerExchangePrimary SecuritySecurity TypeCountryCurrencyListed on
MRNSNasdaqGM (Nasdaq Global Market)YesCommon StockUSUSDAug 2014
61YDB (Deutsche Boerse AG)YesCommon StockDEEURAug 2014
MRNS *BMV (Bolsa Mexicana de Valores)YesCommon StockMXMXNAug 2014
0JYLLSE (London Stock Exchange)YesCommon StockGBUSDAug 2014

Company Analysis and Financial Data Status

All financial data provided by Standard & Poor's Capital IQ.
DataLast Updated (UTC time)
Company Analysis2022/10/04 00:00
End of Day Share Price2022/10/04 00:00
Earnings2022/06/30
Annual Earnings2021/12/31


Unless specified all financial data is based on a yearly period but updated quarterly. This is known as Trailing Twelve Month (TTM) or Last Twelve Month (LTM) Data. Learn more here.