Ezickson Elan, a director at Marinus Pharmaceuticals, Inc. (NASDAQ:MRNS), recently sold 1,600 shares of the company's common stock. The shares were sold at a price of $0.54 each, totaling $864, with the stock down 94.5% over the past year. Following this transaction, Elan holds 10,900 shares directly in the $29.9M market cap company. The sale was conducted as part of a pre-arranged trading plan to cover tax obligations related to the vesting of restricted stock units. According to InvestingPro analysis, the company currently shows signs of being undervalued, though it operates with significant debt and is quickly burning through cash. For deeper insights into MRNS's valuation and 10+ additional ProTips, explore InvestingPro.
In other recent news, Marinus Pharmaceuticals is nearing the closure of its acquisition deal with Immedica Pharma, a global rare disease pharmaceutical company, in a transaction valued at approximately $151 million. The acquisition will provide Immedica with global rights to ZTALMY® (ganaxolone) oral suspension, a medication approved for the treatment of seizures. This move is anticipated to enhance Immedica's growth in the North American market and contribute to its revenue growth.
Marinus Pharmaceuticals has also terminated its collaboration and supply agreements with Orion Corporation, relieving Orion from a pending €500,000 development cost payment, while Marinus may potentially pay Orion €1,500,000 under certain conditions. The company has initiated a retention plan for its executives, aiming to incentivize key figures to remain during a period of strategic exploration.
Despite challenges and significant changes in its board structure with three members resigning, Marinus reported Q2 net product revenues of $8 million, primarily due to ZTALMY. The company plans to launch ZTALMY for tuberous sclerosis complex in 2025, targeting net product revenues between $33 million and $35 million for 2024. Analysts at TD Cowen and Oppenheimer have maintained a Buy rating and upgraded the stock to Outperform, respectively.
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