Merrimack Pharmaceuticals Inc. (NASDAQ:MACK) 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 changing hands. The stock had previously closed at $5.12.

A number of brokerages have issued reports on MACK. Cowen and Company reaffirmed a “buy” rating on shares of Merrimack Pharmaceuticals in a report on Sunday, April 17th. Brean Capital reaffirmed a “buy” rating on shares of Merrimack Pharmaceuticals in a report on Tuesday, May 3rd. Robert W. Baird began coverage on shares of Merrimack Pharmaceuticals in a report on Thursday, May 26th. They set a “neutral” rating and a $8.00 price objective for the company. Mizuho reaffirmed a “buy” rating and set a $13.00 price objective on shares of Merrimack Pharmaceuticals in a report on Friday, May 20th. Finally, Zacks Investment Research raised shares of 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 assigned a buy rating to the company. The stock currently has an average rating of “Buy” and a consensus target price of $12.54.

The firm’s market capitalization is $687.16 million. The firm’s 50-day moving average price is $6.06 and its 200-day moving average price is $6.72.

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

Several institutional investors have made changes to their positions in MACK. California State Teachers Retirement System raised 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 raised its position in shares of 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 raised its position in shares of 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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