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

MACK has been the subject of several research analyst reports. Brean Capital restated a “buy” rating and set a $16.00 price target on shares of Merrimack Pharmaceuticals in a research note on Friday, May 20th. Mizuho reiterated a “buy” rating and issued a $13.00 target price on shares of Merrimack Pharmaceuticals in a research note on Friday, May 20th. Zacks Investment Research upgraded 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 reiterated a “buy” rating on shares of Merrimack Pharmaceuticals in a research note on Tuesday, May 3rd. Finally, Robert W. Baird began coverage on Merrimack Pharmaceuticals in a research note on Thursday, May 26th. They issued a “neutral” rating and a $8.00 target price for the company. Two equities research analysts have rated the stock with a hold rating and five have assigned a buy rating to the company. Merrimack Pharmaceuticals currently has a consensus rating of “Buy” and a consensus price target of $12.54.

The firm’s market capitalization is $705.68 million. The company’s 50-day moving average price is $5.98 and its 200 day moving average price is $6.66.

Merrimack Pharmaceuticals (NASDAQ:MACK) last issued its earnings results on Monday, May 2nd. The biopharmaceutical company reported ($0.33) EPS for the quarter, topping 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% compared to the same quarter last year. On average, analysts forecast that Merrimack Pharmaceuticals Inc. will post ($0.75) EPS for the current fiscal year.

Several hedge funds have modified their holdings of MACK. Morgan Stanley boosted its stake 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. New York State Common Retirement Fund boosted its stake 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, California State Teachers Retirement System boosted its stake 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.

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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