Merrimack Pharmaceuticals Inc. (NASDAQ:MACK) rose 3.7% during trading on Friday . The company traded as high as $5.61 and last traded at $5.56, with a volume of 819,252 shares changing hands. The stock had previously closed at $5.36.

MACK has been the subject of a number of recent analyst reports. Brean Capital reaffirmed a “buy” rating and issued a $16.00 price objective on shares of Merrimack Pharmaceuticals in a research report on Friday, May 20th. Mizuho reaffirmed a “buy” rating and issued a $13.00 price objective on shares of Merrimack Pharmaceuticals in a research report on Friday, May 20th. Zacks Investment Research raised Merrimack Pharmaceuticals from a “hold” rating to a “buy” rating and set a $7.25 price objective for the company in a research report on Monday, May 9th. Cowen and Company reaffirmed a “buy” rating on shares of Merrimack Pharmaceuticals in a research report on Tuesday, May 3rd. Finally, Robert W. Baird initiated coverage on Merrimack Pharmaceuticals in a research report on Thursday, May 26th. They issued a “neutral” rating and a $8.00 price objective for the company. Two equities research analysts have rated the stock with a hold rating and five have issued a buy rating to the company’s stock. The company presently has an average rating of “Buy” and an average target price of $12.54.

The stock’s 50 day moving average price is $5.94 and its 200-day moving average price is $6.65. The stock’s market capitalization is $702.49 million.

Merrimack Pharmaceuticals (NASDAQ:MACK) last announced its quarterly earnings data on Monday, May 2nd. The biopharmaceutical company reported ($0.33) EPS for the quarter, beating analysts’ consensus estimates of ($0.38) by $0.05. The company 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. On average, analysts forecast that Merrimack Pharmaceuticals Inc. will post ($0.75) EPS for the current year.

Other large investors recently made changes to their positions in the company. California State Teachers Retirement System increased 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 worth $1,692,000 after buying an additional 13,522 shares during the period. New York State Common Retirement Fund increased 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 worth $1,732,000 after buying an additional 50,735 shares during the period. Morgan Stanley increased 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 worth $8,042,000 after buying an additional 50,803 shares during the period. Finally, Westfield Capital Management Co. LP increased its stake in shares of Merrimack Pharmaceuticals by 11.4% in the fourth quarter. Westfield Capital Management Co. LP now owns 7,255,815 shares of the biopharmaceutical company’s stock worth $57,321,000 after buying an additional 744,254 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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