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
|Historical stock prices|
|Current Share Price||US$6.94|
|52 Week High||US$13.15|
|52 Week Low||US$3.97|
|1 Month Change||5.79%|
|3 Month Change||45.49%|
|1 Year Change||-39.18%|
|3 Year Change||22.18%|
|5 Year Change||-72.59%|
|Change since IPO||-78.31%|
Recent News & Updates
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.
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.
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...
|MRNS||US Pharmaceuticals||US Market|
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.
|MRNS Average Weekly Movement||9.6%|
|Pharmaceuticals Industry Average Movement||11.3%|
|Market Average Movement||6.9%|
|10% most volatile stocks in US Market||15.5%|
|10% least volatile stocks in US Market||2.8%|
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
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
|MRNS fundamental statistics|
Is MRNS overvalued?See Fair Value and valuation analysis
Earnings & Revenue
|MRNS income statement (TTM)|
|Cost of Revenue||US$73.42m|
Last Reported Earnings
Jun 30, 2022
Next Earnings Date
|Earnings per share (EPS)||-2.87|
|Net Profit Margin||-386.11%|
How did MRNS perform over the long term?See historical performance and comparison
Is MRNS undervalued compared to its fair value, analyst forecasts and its price relative to the market?
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
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.
|What is MRNS's n/a Ratio?|
Price to Sales Ratio vs Peers
How does MRNS's PS Ratio compare to its peers?
|MRNS PS Ratio vs Peers|
|Company||PS||Estimated Growth||Market Cap|
JUSH.F Jushi Holdings
XERS Xeris Biopharma Holdings
PRPH ProPhase Labs
OCUL Ocular Therapeutix
MRNS Marinus Pharmaceuticals
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.
|Current PS Ratio||9.4x|
|Fair PS Ratio||1.2x|
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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How is Marinus Pharmaceuticals forecast to perform in the next 1 to 3 years based on estimates from 9 analysts?
Future Growth Score2/6
Future Growth Score 2/6
Earnings vs Savings Rate
Earnings vs Market
High Growth Earnings
Revenue vs Market
High Growth Revenue
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
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How has Marinus Pharmaceuticals performed over the past 5 years?
Past Performance Score0/6
Past Performance Score 0/6
Growing Profit Margin
Earnings vs Industry
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.
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How is Marinus Pharmaceuticals's financial position?
Financial Health Score4/6
Financial Health Score 4/6
Short Term Liabilities
Long Term Liabilities
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.
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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What is Marinus Pharmaceuticals's current dividend yield, its reliability and sustainability?
Dividend Score 0/6
Cash Flow Coverage
Dividend Yield vs Market
|Marinus Pharmaceuticals Dividend Yield vs Market|
|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.
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How experienced are the management team and are they aligned to shareholders interests?
Average management tenure
Scott Braunstein (59 yo)
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|
|Date||Total Comp.||Salary||Company Earnings|
|Jun 30 2022||n/a||n/a|
|Mar 31 2022||n/a||n/a|
|Dec 31 2021||US$4m||US$574k|
|Sep 30 2021||n/a||n/a|
|Jun 30 2021||n/a||n/a|
|Mar 31 2021||n/a||n/a|
|Dec 31 2020||US$4m||US$556k|
|Sep 30 2020||n/a||n/a|
|Jun 30 2020||n/a||n/a|
|Mar 31 2020||n/a||n/a|
|Dec 31 2019||US$2m||US$305k|
|Sep 30 2019||n/a||n/a|
|Jun 30 2019||n/a||n/a|
|Mar 31 2019||n/a||n/a|
|Dec 31 2018||US$210k||n/a|
Compensation vs Market: Scott's total compensation ($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.
Experienced Management: MRNS's management team is not considered experienced ( 1.9 years average tenure), which suggests a new team.
Experienced Board: MRNS's board of directors are considered experienced (4.1 years average tenure).
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.
|Owner Type||Number of Shares||Ownership Percentage|
Dilution of Shares: Shareholders have not been meaningfully diluted in the past year.
|Ownership||Name||Shares||Current Value||Change %||Portfolio %|
Marinus Pharmaceuticals, Inc.'s employee growth, exchange listings and data sources
- 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
- Marinus Pharmaceuticals, Inc.
- 5 Radnor Corporate Center
- Suite 500
- United States
|Ticker||Exchange||Primary Security||Security Type||Country||Currency||Listed on|
|MRNS||NasdaqGM (Nasdaq Global Market)||Yes||Common Stock||US||USD||Aug 2014|
|61Y||DB (Deutsche Boerse AG)||Yes||Common Stock||DE||EUR||Aug 2014|
|MRNS *||BMV (Bolsa Mexicana de Valores)||Yes||Common Stock||MX||MXN||Aug 2014|
|0JYL||LSE (London Stock Exchange)||Yes||Common Stock||GB||USD||Aug 2014|
Company Analysis and Financial Data Status
|Data||Last Updated (UTC time)|
|Company Analysis||2022/10/04 00:00|
|End of Day Share Price||2022/10/04 00:00|
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.