Merrimack Pharmaceuticals Inc. (NASDAQ:MACK)’s share price fell 4.3% during trading on Tuesday . The company traded as low as $5.16 and last traded at $5.16, with a volume of 411,111 shares trading hands. The stock had previously closed at $5.39.

A number of equities analysts recently issued reports on MACK shares. Cowen and Company reaffirmed a “buy” rating on shares of Merrimack Pharmaceuticals in a research report on Sunday, April 17th. Brean Capital reaffirmed a “buy” rating on shares of Merrimack Pharmaceuticals in a research report on Tuesday, May 3rd. Robert W. Baird started coverage on shares of Merrimack Pharmaceuticals in a research report on Thursday, May 26th. They set a “neutral” rating and a $8.00 target price on the stock. Mizuho reaffirmed a “buy” rating and set a $13.00 target price on shares of Merrimack Pharmaceuticals in a research report on Friday, May 20th. Finally, Zacks Investment Research lowered shares of Merrimack Pharmaceuticals from a “strong-buy” rating to a “hold” rating in a research report on Tuesday. Two research analysts have rated the stock with a hold rating and five have assigned a buy rating to the stock. The stock presently has a consensus rating of “Buy” and an average price target of $12.54.

The firm has a 50 day moving average price of $6.04 and a 200-day moving average price of $6.68. The firm’s market cap is $660.34 million.

Merrimack Pharmaceuticals (NASDAQ:MACK) last released its quarterly 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 firm had revenue of $21.30 million for the quarter, compared to analyst estimates of $24.16 million. The firm’s quarterly revenue was up 43.4% on a year-over-year basis. Analysts forecast that Merrimack Pharmaceuticals Inc. will post ($0.75) EPS for the current fiscal year.

Several large investors recently added to or reduced their stakes in MACK. California State Teachers Retirement System increased 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 valued at $1,692,000 after buying an additional 13,522 shares during the last quarter. 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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