Truist analyst Joon Lee downgraded Marinus Pharmaceuticals (MRNS) to Hold from Buy and removed the firm’s prior price target ot $10 per share after the Phase 3 TrustTSC trial failed to meet the pre-specified primary endpoint of seizure reduction. The company will cease further clinical development and commenced exploration of strategic alternatives, notes the analyst, who says management “expressed surprise” at very similar efficacy in Phase 3 compared to what was observed in Phase 2 despite improved tolerability and lower dropouts. There’s value in Ztalmy, currently in the market for CDD, but “not enough to get us excited,” the analyst tells investors.
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