Orphan Designation for Marinus Pharmaceuticals’ (MRNS) Drug; Wedbush is Bullish on Intercept Pharmaceuticals (ICPT)
Shares of Marinus Pharmaceuticals Inc. (Nasdaq:MRNS) soared more than 54% to reach the $1.28 mark in early trade Friday after the U.S. Food and Drug Administration (FDA) gave orphan drug designation to the company’s ganaxolone – a CNS-selective GABAA modulator – for the treatment of Fragile X Syndrome, a genetic condition that causes intellectual disability.
MRNS stock is changing hands at $1.09, up $0.25 (or +30.14%) and 13.03M of its shares traded so far, representing a large increase in activity versus its average volume (3m) of 493,062 shares.
Marinus Pharmaceuticals, which focuses on developing and commercializing therapeutics to treat epilepsy and neuropsychiatric disorders, has 19.71M shares outstanding and MRNS stock 52-week range is between $0.82 and $7.78 per share.
Brokerage firm Wedbush reiterated an Outperform rating on Intercept Pharmaceuticals Inc. (Nasdaq:ICPT) shares with a price target of $224.00
ICPT stock is trading in negative territory by 3.47% (or -$3.79) at $105.48 and 249,448 shares of the biopharmaceutical company changed hands so far on Friday.
Intercept Pharmaceuticals, which focuses on the development and commercialization of therapeutics to treat non-viral, progressive liver diseases, has 24.81M shares outstanding and ICPT stock one-year range is from $89.76 to $177.93 per share.
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