Merrimack Pharmaceuticals Inc. (MACK) Stock Price Up 3.6%
Merrimack Pharmaceuticals Inc. (NASDAQ:MACK)’s share price rose 3.6% during mid-day trading on Monday . The stock traded as high as $5.16 and last traded at $5.15, with a volume of 793,762 shares changing hands. The stock had previously closed at $4.97.
MACK has been the topic of several recent analyst reports. Cowen and Company restated a “buy” rating on shares of Merrimack Pharmaceuticals in a report on Tuesday, May 3rd. Brean Capital restated a “buy” rating on shares of Merrimack Pharmaceuticals in a report on Tuesday, May 3rd. Zacks Investment Research upgraded shares of Merrimack Pharmaceuticals from a “hold” rating to a “buy” rating and set a $7.25 target price on the stock in a report on Monday, May 9th. Mizuho restated a “buy” rating and issued a $13.00 target price on shares of Merrimack Pharmaceuticals in a report on Friday, May 20th. Finally, Robert W. Baird started coverage on shares of Merrimack Pharmaceuticals in a report on Thursday, May 26th. They issued a “neutral” rating and a $8.00 target price on the stock. One research analyst has rated the stock with a sell rating, three have assigned a hold rating and four have issued a buy rating to the company’s stock. The company presently has a consensus rating of “Hold” and an average price target of $10.54.
The firm’s 50 day moving average is $5.41 and its 200-day moving average is $6.48. The company’s market capitalization is $677.35 million.
Merrimack Pharmaceuticals (NASDAQ:MACK) last released its earnings results on Thursday, August 4th. The biopharmaceutical company reported ($0.40) EPS for the quarter, missing the Thomson Reuters’ consensus estimate of ($0.33) by $0.07. The company had revenue of $33.70 million for the quarter, compared to the consensus estimate of $33.35 million. The business’s revenue was up 58.3% compared to the same quarter last year. During the same quarter in the prior year, the company posted ($0.33) earnings per share. On average, analysts predict that Merrimack Pharmaceuticals Inc. will post ($0.98) EPS for the current year.
In related news, insider Birgit M. Schoeberl sold 50,000 shares of the 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 transaction, the insider now owns 115,657 shares of the company’s stock, valued at approximately $636,113.50. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website.
An institutional investor recently raised its position in Merrimack Pharmaceuticals stock. Westfield Capital Management Co. LP raised its stake in shares of Merrimack Pharmaceuticals Inc. (NASDAQ:MACK) by 11.4% during the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 7,255,815 shares of the biopharmaceutical company’s stock after buying an additional 744,254 shares during the period. Westfield Capital Management Co. LP owned 6.28% of Merrimack Pharmaceuticals worth $57,321,000 at the end of the most recent 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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