Marvin Johnson, a director at Marinus Pharmaceuticals, Inc. (NASDAQ:MRNS), recently sold 1,610 shares of the company’s common stock. The shares were sold at a price of $0.54 each, totaling $869. The transaction comes as the company’s stock has experienced a significant decline, down 94.5% over the past year, with the current market capitalization standing at approximately $30 million. Following this transaction, Johnson holds 12,490 shares in the company. The sale was conducted under a pre-arranged Rule 10b5-1 trading plan, which was established on March 10, 2024, to cover tax obligations related to the vesting of restricted stock units. According to InvestingPro analysis, Marinus currently operates with a significant debt burden and is quickly burning through cash. For comprehensive insider trading patterns and 11 additional key insights about MRNS, investors can access the full Pro Research Report on InvestingPro.
In other recent news, Marinus Pharmaceuticals is nearing the closure of an acquisition deal with Immedica Pharma, valued at approximately $151 million. This acquisition will grant Immedica global rights to ZTALMY, a seizure treatment medication, and is expected to contribute to Immedica’s revenue growth. Baird has reaffirmed a Neutral rating for Marinus stock, adjusting the price target to $0.55, reflecting the tender offer price in the acquisition agreement.
Marinus has also terminated its collaboration and supply agreements with Orion Corporation, relieving Orion from a pending €500,000 development cost payment. However, under certain conditions, Marinus may pay Orion €1,500,000. In addition, Marinus has initiated a retention plan for its executives amidst strategic exploration and faces a risk of Nasdaq delisting due to failure to meet minimum bid price and market value requirements.
Despite these challenges, Marinus reported Q2 net product revenues of $8 million, primarily due to ZTALMY, and projects net product revenues between $33 million and $35 million for 2024. The company also secured a new U.S. patent for ZTALMY, set to expire in September 2042. Analysts at TD Cowen and Oppenheimer have maintained a Buy rating and upgraded the stock to Outperform, respectively. These are the recent developments surrounding Marinus Pharmaceuticals.
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