Shares of Merrimack Pharmaceuticals Inc. (NASDAQ:MACK) were down 4.9% during trading on Wednesday . The stock traded as low as $5.35 and last traded at $5.41, with a volume of 1,116,047 shares changing hands. The stock had previously closed at $5.69.

Several analysts have commented on MACK shares. Brean Capital reaffirmed a “buy” rating and set a $16.00 price objective on shares of Merrimack Pharmaceuticals in a research note on Friday, May 20th. Mizuho reissued a “buy” rating and set a $13.00 target price on shares of Merrimack Pharmaceuticals in a research note on Friday, May 20th. Zacks Investment Research raised Merrimack Pharmaceuticals from a “hold” rating to a “buy” rating and set a $7.25 target price for the company in a research note on Monday, May 9th. Cowen and Company reissued a “buy” rating on shares of Merrimack Pharmaceuticals in a research note on Tuesday, May 3rd. Finally, Robert W. Baird assumed coverage on Merrimack Pharmaceuticals in a research note on Thursday, May 26th. They set a “neutral” rating and a $8.00 target price for the company. One research analyst has rated the stock with a hold rating and six have given a buy rating to the company. The stock presently has an average rating of “Buy” and an average price target of $12.54.

The stock’s market cap is $684.61 million. The firm has a 50 day moving average price of $6.19 and a 200-day moving average price of $6.76.

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

Several large investors have added to or reduced their stakes in MACK. California State Teachers Retirement System boosted its stake in 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 worth $1,692,000 after buying an additional 13,522 shares during the period. 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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