Merrimack Pharmaceuticals Inc. (NASDAQ:MACK) shares shot up 2.7% during mid-day trading on Friday . The company traded as high as $5.34 and last traded at $5.26, with a volume of 923,289 shares trading hands. The stock had previously closed at $5.12.

A number of analysts have commented on MACK shares. Brean Capital reissued a “buy” rating on shares of Merrimack Pharmaceuticals in a report on Tuesday, May 3rd. Cowen and Company reissued a “buy” rating on shares of Merrimack Pharmaceuticals in a report on Tuesday, May 3rd. Mizuho reissued a “buy” rating and issued a $13.00 target price on shares of Merrimack Pharmaceuticals in a report on Friday, May 20th. Robert W. Baird started coverage on Merrimack Pharmaceuticals in a report on Thursday, May 26th. They issued a “neutral” rating and a $8.00 target price for the company. Finally, 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 report on Monday, May 9th. One research analyst has rated the stock with a hold rating and six have issued a buy rating to the stock. The stock presently has an average rating of “Buy” and a consensus price target of $12.54.

The stock’s 50 day moving average is $6.10 and its 200-day moving average is $6.74. The company’s market capitalization is $680.77 million.

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

Other hedge funds recently bought and sold shares of the company. Morgan Stanley raised 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 in the last quarter. New York State Common Retirement Fund raised 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 in the last quarter. Finally, California State Teachers Retirement System raised 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 in 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.

Get Analysts' Upgrades and Downgrades Daily - Enter your email address below to receive a concise daily summary of analysts' upgrades, downgrades and new coverage with MarketBeat.com's FREE daily email newsletter.