Merrimack Pharmaceuticals Inc. (NASDAQ:MACK) shares saw unusually-high trading volume on Friday . Approximately 3,447,321 shares traded hands during mid-day trading, an increase of 97% from the previous session’s volume of 1,747,957 shares.The stock last traded at $5.80 and had previously closed at $5.61.

MACK has been the subject of a number of recent analyst reports. Zacks Investment Research cut shares of Merrimack Pharmaceuticals from a “strong-buy” rating to a “hold” rating in a research note on Tuesday, July 19th. Mizuho restated a “buy” rating and set a $13.00 target price on shares of Merrimack Pharmaceuticals in a research note on Friday, May 20th. Robert W. Baird began coverage on shares of Merrimack Pharmaceuticals in a research note on Thursday, May 26th. They set a “neutral” rating and a $8.00 target price for the company. Brean Capital restated a “buy” rating and set a $16.00 target price on shares of Merrimack Pharmaceuticals in a research note on Friday, May 20th. Finally, Cowen and Company restated a “buy” rating on shares of Merrimack Pharmaceuticals in a research note on Tuesday, May 3rd. Two research analysts have rated the stock with a hold rating and five have issued a buy rating to the company’s stock. The stock presently has an average rating of “Buy” and an average target price of $12.54.

The firm’s market cap is $740.81 million. The company has a 50-day moving average price of $5.72 and a 200-day moving average price of $6.59.

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 Zacks’ consensus estimate of ($0.38) by $0.05. The business had revenue of $21.30 million for the quarter, compared to the consensus estimate of $24.16 million. The business’s revenue was up 43.4% on a year-over-year basis. On average, equities research analysts anticipate that Merrimack Pharmaceuticals Inc. will post ($0.75) EPS for the current year.

In other Merrimack Pharmaceuticals news, insider Birgit M. Schoeberl sold 50,000 shares of the business’s stock in a transaction on Monday, July 25th. The shares were sold at an average price of $5.50, for a total transaction of $275,000.00. Following the completion of the sale, the insider now owns 115,657 shares in the company, valued at approximately $636,113.50. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website.

A number of hedge funds have made changes to their positions in MACK. Westfield Capital Management Co. LP raised 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. Morgan Stanley raised 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. New York State Common Retirement Fund raised 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. Finally, California State Teachers Retirement System raised 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.

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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