Merrimack Pharmaceuticals Inc. (NASDAQ:MACK) rose 4% on Wednesday . The stock traded as high as $5.75 and last traded at $5.68, with a volume of 996,074 shares traded. The stock had previously closed at $5.46.

MACK has been the subject of several research analyst reports. Zacks Investment Research upgraded Merrimack Pharmaceuticals from a “hold” rating to a “buy” rating and set a $7.25 price objective for the company in a report on Monday, May 9th. Robert W. Baird began coverage on Merrimack Pharmaceuticals in a research report on Thursday, May 26th. They issued a “neutral” rating and a $8.00 target price for the company. Brean Capital reissued a “buy” rating and issued a $16.00 target price on shares of Merrimack Pharmaceuticals in a research report on Friday, May 20th. Mizuho reissued a “buy” rating and issued a $13.00 target price on shares of Merrimack Pharmaceuticals in a research report on Friday, May 20th. Finally, Cowen and Company reissued a “buy” rating on shares of Merrimack Pharmaceuticals in a research report on Tuesday, May 3rd. One analyst has rated the stock with a hold rating and six have assigned a buy rating to the stock. Merrimack Pharmaceuticals currently has an average rating of “Buy” and a consensus target price of $12.54.

The company’s market capitalization is $728.03 million. The firm’s 50-day moving average price is $6.32 and its 200-day moving average price is $6.84.

Merrimack Pharmaceuticals (NASDAQ:MACK) last issued its quarterly earnings data on Monday, May 2nd. The biopharmaceutical company reported ($0.33) earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of ($0.38) by $0.05. The company had revenue of $21.30 million for the quarter, compared to the consensus estimate of $24.16 million. Merrimack Pharmaceuticals’s quarterly revenue was up 43.4% compared to the same quarter last year. On average, equities research analysts forecast that Merrimack Pharmaceuticals Inc. will post ($0.75) earnings per share for the current year.

Several hedge funds and institutional investors have made changes to their positions in MACK. Stoneridge Investment Partners LLC raised its position in shares of Merrimack Pharmaceuticals by 71.9% in the fourth quarter. Stoneridge Investment Partners LLC now owns 208,282 shares of the biopharmaceutical company’s stock valued at $1,645,000 after buying an additional 87,117 shares during the period. California State Teachers Retirement System raised its position in shares of Merrimack Pharmaceuticals by 6.7% in the fourth quarter. California State Teachers Retirement System now owns 214,167 shares of the biopharmaceutical company’s stock valued at $1,692,000 after buying an additional 13,522 shares during the period. New York State Common Retirement Fund raised its position in shares of Merrimack Pharmaceuticals by 30.1% in the fourth quarter. New York State Common Retirement Fund now owns 219,253 shares of the biopharmaceutical company’s stock valued at $1,732,000 after buying an additional 50,735 shares during the period. Finally, Morgan Stanley raised its position in shares of Merrimack Pharmaceuticals by 5.3% in the fourth quarter. Morgan Stanley now owns 1,017,971 shares of the biopharmaceutical company’s stock valued at $8,042,000 after buying an additional 50,803 shares during the period.

Merrimack Pharmaceuticals, Inc is a biopharmaceutical company. The Company is engaged in discovering, developing and commercializing medicines consisting of therapeutics paired with companion diagnostics for the treatment of cancer. Its therapeutic oncology candidates in clinical development include MM-398, MM-302, MM-121, MM-141 and MM-151.

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