Merrimack Pharmaceuticals Inc. (NASDAQ:MACK)’s share price was down 3% during mid-day trading on Thursday . The company traded as low as $5.50 and last traded at $5.53, with a volume of 925,074 shares trading hands. The stock had previously closed at $5.70.

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

The stock has a 50 day moving average of $6.25 and a 200-day moving average of $6.80. The stock’s market cap is $717.81 million.

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

Several institutional investors have recently made changes to their positions in the stock. California State Teachers Retirement System increased 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 increased 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 valued at $1,732,000 after buying an additional 50,735 shares during the last quarter. Finally, Morgan Stanley increased 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 valued at $8,042,000 after buying an additional 50,803 shares during the last quarter.

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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