Shares of Marinus Pharmaceuticals Inc (NASDAQ:MRNS) dropped 11.6% on Tuesday . The stock traded as low as $6.40 and last traded at $6.49. Approximately 1,670,234 shares traded hands during trading, an increase of 114% from the average daily volume of 781,663 shares. The stock had previously closed at $7.34.
MRNS has been the subject of several recent analyst reports. BidaskClub raised shares of Marinus Pharmaceuticals from a “hold” rating to a “buy” rating in a report on Saturday, December 30th. Laidlaw initiated coverage on shares of Marinus Pharmaceuticals in a report on Thursday, December 14th. They set a “buy” rating and a $18.00 price objective for the company. Finally, ValuEngine lowered shares of Marinus Pharmaceuticals from a “hold” rating to a “sell” rating in a report on Friday, December 1st.
The stock has a market capitalization of $262.39, a price-to-earnings ratio of -6.98 and a beta of 2.44.
Marinus Pharmaceuticals (NASDAQ:MRNS) last issued its quarterly earnings results on Tuesday, October 31st. The biopharmaceutical company reported ($0.15) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.17) by $0.02.
In related news, major shareholder Bain Capital Life Sciences Inv sold 822,547 shares of the firm’s stock in a transaction that occurred on Friday, December 15th. The shares were sold at an average price of $8.10, for a total value of $6,662,630.70. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Company insiders own 6.40% of the company’s stock.
Several institutional investors have recently modified their holdings of the stock. Granite Point Capital Management L.P. increased its holdings in shares of Marinus Pharmaceuticals by 250.3% in the third quarter. Granite Point Capital Management L.P. now owns 2,684,848 shares of the biopharmaceutical company’s stock valued at $15,760,000 after purchasing an additional 1,918,400 shares in the last quarter. Jennison Associates LLC grew its holdings in Marinus Pharmaceuticals by 98.0% during the 3rd quarter. Jennison Associates LLC now owns 1,606,733 shares of the biopharmaceutical company’s stock worth $9,432,000 after acquiring an additional 795,068 shares during the period. Perceptive Advisors LLC acquired a new stake in Marinus Pharmaceuticals during the 3rd quarter worth $8,527,000. Iguana Healthcare Management LLC acquired a new stake in Marinus Pharmaceuticals during the 3rd quarter worth $1,027,000. Finally, EAM Investors LLC acquired a new stake in Marinus Pharmaceuticals during the 3rd quarter worth $554,000. 49.77% of the stock is owned by institutional investors and hedge funds.
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Marinus Pharmaceuticals Company Profile
Marinus Pharmaceuticals, Inc is a clinical-stage biopharmaceutical company. The Company focuses on developing and commercializing therapeutics to treat epilepsy and neuropsychiatric disorders. Its clinical-stage product candidate, ganaxolone, is a modulator being developed in various dose forms, including intravenous, oral capsule and oral liquid, intended to provide more treatment options to adult and pediatric patient populations in both acute and chronic care settings.
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