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

A number of research analysts have issued reports on the stock. Robert W. Baird assumed coverage on shares of Merrimack Pharmaceuticals in a report on Thursday, May 26th. They issued a “neutral” rating and a $8.00 price target for the company. Brean Capital reaffirmed a “buy” rating and issued a $16.00 price target on shares of Merrimack Pharmaceuticals in a report on Friday, May 20th. Mizuho reaffirmed 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 raised 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. Finally, Cowen and Company reaffirmed a “buy” rating on shares of Merrimack Pharmaceuticals in a report on Tuesday, May 3rd. One investment analyst has rated the stock with a hold rating and six have given a buy rating to the company. The company has an average rating of “Buy” and a consensus price target of $12.54.

The company’s 50 day moving average is $6.10 and its 200-day moving average is $6.74. The stock’s market cap is $677.35 million.

Merrimack Pharmaceuticals (NASDAQ:MACK) last posted its quarterly earnings results on Monday, May 2nd. The biopharmaceutical company reported ($0.33) EPS for the quarter, topping 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. The company’s revenue was up 43.4% on a year-over-year basis. Equities research analysts expect that Merrimack Pharmaceuticals Inc. will post ($0.75) EPS for the current year.

Other hedge funds and institutional investors have recently bought and sold shares of the company. California State Teachers Retirement System boosted its position 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 valued at $1,692,000 after buying an additional 13,522 shares during the period. New York State Common Retirement Fund boosted its position 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 period. Finally, Morgan Stanley boosted its position 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 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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