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

Several research analysts recently commented on MACK shares. Zacks Investment Research cut Merrimack Pharmaceuticals from a “strong-buy” rating to a “hold” rating in a research report on Tuesday, July 19th. Mizuho reissued a “buy” rating and set a $13.00 price objective on shares of Merrimack Pharmaceuticals in a report on Friday, May 20th. Robert W. Baird started coverage on Merrimack Pharmaceuticals in a report on Thursday, May 26th. They set a “neutral” rating and a $8.00 price objective for the company. Brean Capital reissued a “buy” rating and set a $16.00 price objective on shares of Merrimack Pharmaceuticals in a report on Friday, May 20th. Finally, Cowen and Company reissued a “buy” rating on shares of Merrimack Pharmaceuticals in a report on Tuesday, May 3rd. Two research analysts have rated the stock with a hold rating and five have assigned a buy rating to the company. The company currently has an average rating of “Buy” and an average price target of $12.54.

The firm’s market capitalization is $702.49 million. The firm’s 50 day moving average price is $5.90 and its 200 day moving average price is $6.63.

Merrimack Pharmaceuticals (NASDAQ:MACK) last posted its 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 business had revenue of $21.30 million for the quarter, compared to analyst estimates of $24.16 million. Merrimack Pharmaceuticals’s revenue was up 43.4% on a year-over-year basis. Equities research analysts predict that Merrimack Pharmaceuticals Inc. will post ($0.75) EPS for the current year.

A number of hedge funds and institutional investors have recently modified their holdings of the stock. 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 worth $1,692,000 after buying an additional 13,522 shares in the last quarter. 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 worth $1,732,000 after buying an additional 50,735 shares in the last quarter. 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 worth $8,042,000 after buying an additional 50,803 shares in the last quarter. Finally, Westfield Capital Management Co. LP raised its position 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 in 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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