Some seem impervious to bad news. That seems to be the case with Marinus Pharmaceuticals, Inc. (NASDAQ: MRNS), the biotech company which despite reporting a 2Q loss on August 1, has managed to defy the odds and closed up big on Monday.
To understand the state of things we have to take a look at the results posted on August 1. In the premarket release on earnings, MRNS reported a loss of $4.6M which according to the company amounted to a loss of 21 cents per share. On the day of the announcement the stock closed at $1.87 – a veritable rabbit out of the hat achievement given that a year before MRNS was trading at 1.67. But it gets better.
Since posting the 2Q loss of $4.6M, MRNS has climbed somewhat – almost against convention. On Monday the biotech company opened at 2.09, rising to a high on the day of 2.49. The low for Monday was 2.05 but even that was something spectacular given that days ago the stock was trading at 1.87. By the end of trading Monday MRNS recovered to close up 12% on a dollar close of $2.39.
The big numbers are really part of a strong long term trend. This trend has pushed MRNS higher YTD by 109%. As a matter of fact, MRNS is trending towards its 52-week high of 2.73 where the stock is now just trailing by 12%. On the other end of the performance, MRNS is up 191% on its 52-week low of 0.82.
That MRNS is moving north is beyond question; what is being asked by conscientious investors is whether MRNS can take that current upside and momentum and turn valuation into something bigger. A big gauge for this assessment is the target p[rice which consensus has set at a sizable $5.00. The wait is on.