JMP Securities analyst Jason Butler downgraded Marinus Pharmaceuticals (MRNS) to Market Perform from Outperform with no price target after the Phase 3 TRUST-TSC trial of ganaxolone failed to meet its primary endpoint and the company said it is discontinuing further development of ganaxolone and implementing cost reduction measures, including a reduction in workforce. The stock is trading down by greater than 70% and at a value of about 40% end-Q3 cash, notes the analyst, who views this discount to cash as “appropriate” and “consistent with other biotech companies with similar uncertainties.”
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