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

MACK has been the topic of several research analyst reports. Cowen and Company restated a “buy” rating on shares of Merrimack Pharmaceuticals in a research report on Sunday, April 17th. Mizuho reiterated a “buy” rating and issued a $13.00 target price on shares of Merrimack Pharmaceuticals in a research report on Friday, May 20th. 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 on the stock. Brean Capital reiterated a “buy” rating on shares of Merrimack Pharmaceuticals in a research report on Tuesday, May 3rd. Finally, Zacks Investment Research upgraded Merrimack Pharmaceuticals from a “hold” rating to a “buy” rating and set a $7.25 target price on the stock in a research report on Monday, May 9th. One analyst has rated the stock with a hold rating and six have assigned a buy rating to the stock. Merrimack Pharmaceuticals presently has a consensus rating of “Buy” and an average target price of $12.54.

The company’s market cap is $712.71 million. The firm has a 50 day moving average of $6.27 and a 200 day moving average of $6.82.

Merrimack Pharmaceuticals (NASDAQ:MACK) last announced its quarterly earnings results on Monday, May 2nd. The biopharmaceutical company reported ($0.33) earnings per share for the quarter, topping the consensus estimate of ($0.38) by $0.05. The company had revenue of $21.30 million for the quarter, compared to analyst estimates of $24.16 million. The firm’s quarterly revenue was up 43.4% on a year-over-year basis. Equities analysts predict that Merrimack Pharmaceuticals Inc. will post ($0.75) EPS for the current fiscal year.

A number of large investors recently made changes to their positions in MACK. Stoneridge Investment Partners LLC increased its stake 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 in the last quarter. California State Teachers Retirement System increased its stake 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 in the last quarter. New York State Common Retirement Fund boosted its stake in 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 worth $1,732,000 after buying an additional 50,735 shares during the period. Finally, Morgan Stanley boosted its stake in Merrimack Pharmaceuticals by 5.3% in the fourth quarter. Morgan Stanley now owns 1,017,971 shares of the biopharmaceutical company’s stock worth $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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